WazirX has shared an update on its asset rebalancing following user concerns about unexpected wallet movements. The exchange clarified that these transfers are temporary, aiming to secure assets before their final distribution.
WazirX Update
WazirX has informed its users about the ongoing token rebalancing process. At this stage, you may notice fund movements between various cold wallets, a necessary step to secure assets before final allocation.
Fund Movement and Causes
$200 million was moved amid these changes, sparking speculations about Binance’s role in WazirX’s recovery. The consolidation of assets into cold wallets is a measure to ensure their safety until final distribution.
Consequences and Future
Once rebalancing is complete, all cold wallets and tokens will be made public. This update addresses user concerns, assuring them that their funds are safe. The announcement follows a hacking incident that cost WazirX $235 million in digital assets.
The latest updates from WazirX demonstrate the team’s commitment to safeguarding user assets and preventing potential threats like past hacking incidents. This is a crucial step in regaining trust and platform security.
