WazirX, an India-based centralized exchange, has disclosed details of around 240,000 user wallets, as required by a court order from the High Court of Singapore. The company stated that this information, including an affidavit, will be filed with the court and shared with creditors involved in the restructuring of Zettai Pte Ltd.
WazirX Discloses Wallet Data Ahead of Court Filing for Transparency
The exchange also unveiled that there are more wallets than many had thought there would be, with some expecting only a few hundred. Still, WazirX tried to argue that managing hundreds of thousands of users’ wallets is normal for an exchange of this scale. As of the writing of this, WazirX has approximately 4.3 million registered users who hold crypto balances. WazirX needs to navigate a vast network of wallet addresses across different blockchains to provide its users with a seamless experience.
The company also pointed out that the release of this data is not just in an attempt to meet a court order. WazirX had its reasons to be transparent and wanted to share the information with the users even before the affidavit was filed.
WazirX Commits to Transparency, Focuses on Wallet Consolidation and POR
WazirX also described how it operates these wallets. Every user may have many deposit wallet addresses, which are moved to cold or hot wallets for use at certain times. The company is at the moment in a process of settling the tokens with about 240,000 wallets still holding the tokens. This consolidation process is another time consuming activity because it requires the supervision of network fees to ensure that the company incurs minimal costs.
For the future, there are some more features that WazirX wants to add, including Proof of Reserves (POR). This will follow full integration of token assets with third party custodians on the digital platform. The company views this step as a part of its ambitious strategy to become one of the most trustworthy and transparent crypto exchanges in the world.
WazirX said that it operates beyond the legal requirements and stressed that transparency is crucial when dealing with its users. This company remains ready to move forward in the journey of transparency and to protect the members of its community.
