- WazirX canceled all open orders to resolve INR and crypto balance issues.
- Users are assured their funds are secure despite the order cancellations.
WazirX, a leading cryptocurrency exchange, recently cancelled all open orders on its platform. The exchange took this step to address ongoing issues related to Indian Rupee (INR) and cryptocurrency balances. This decision has sparked concern among users who had active trades on the platform.
The problem stems from discrepancies between INR deposits and crypto balances. WazirX acknowledged the issue, stating that resolving it required halting all open orders. The exchange emphasized that this move was essential to maintain the integrity of its trading system. Users were informed via official channels that the cancellation would allow the exchange to rectify the underlying issues.
WazirX’s decision to cancel orders affects a large number of users. Many traders had ongoing positions, which were abruptly closed. This unexpected move led to a wave of reactions from the crypto community, with some expressing frustration. However, WazirX assured its users that funds remain secure and the cancellation was a preventive measure to avoid further complications.
WazirX is working closely with its banking partners to resolve the discrepancies after the hack. The team assured users that they are making every effort to restore normal operations as quickly as possible. The cancellation of open orders was not an easy decision for WazirX. The exchange faced significant pressure to address the balance issues promptly. By taking this step, WazirX aims to protect its users from potential losses due to unresolved discrepancies. The exchange’s proactive approach demonstrates its commitment to maintaining a secure and transparent trading environment.
WazirX continues to work on resolving the issues, but the crypto community remains vigilant. The exchange has promised to keep users informed of any further developments. WazirX’s handling of this situation will likely influence its reputation in the long run. The exchange’s ability to resolve these issues and restore user confidence will be critical.
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