Hello Hive Fam!
Hope you are doing well and having a great time wherever you are in the world.
My philosophy with trust is very simple that once trust is broken, it is broken forever, and I'm not going to give it another chance if it's done deliberately. I'm saying this has a reason, we're gonna talk about one of the cryptocurrency exchanges based out in India, and it is called WazirX. Luckily, I never used this exchange, but I have seen people sharing their stories on Twitter after the hack event, and this exchange did not do anything.
This exchange, called Wazirx, was hacked last year in July, and I have seen a lot of posts on social media where people share their sad stories, but unfortunately, this exchange did not do anything to support their community. They did everything possible to save themselves, and they never acknowledged that they were at fault. As far as I am aware, in the crypto market, hacks are a very sad part. No Exchange would like to be hacked, but if it happens, then the exchange should come forward and deal with the situation responsibly and acknowledge it, but unfortunately, this exchange never did it, even now.
Now this exchange is going to restart its operation this month, and they have opened the deposits for cryptocurrency coins. They are asking the same community to join back and start working on their platform, but I believe this should not happen because they are the same people who did not show respect to their community. So now is the time when the community can give them back. They are in a hurry to restart the exchange, but they still have not paid any money to their users, and they continue to ignore them. Even now, when they are posting on Twitter, they have disabled the comment section, which is very bad.
In the last year, some other exchanges have also been hacked, like Bubit and even Coindcx, which is another leading exchange in India. They did not transfer the laws to any user, and on the same day, they announced that the entire loss will be borne by the exchange only, and your, just funds are safe, which shows that they care for the community, but this crypto trading exchange called WazirX failed in this aspect.
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As I only mentioned that I have never used this exchange, so probably I was the lucky one, but some of my friends used it in the past and they have some money on the exchange, which I hardly believe that they are going to get looking, given the current approach followed by the exchange. I never use them and I will never use them for any of my crypto-related requirements in future, and no matter how good they become, because trust is highly valuable valuable and it is broken ones means it is broken for life, especially in the current situation there when they turn out to be an opportunist where they ignored the community and their user base completely. Would you trust this exchange again?
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Images courtesy- https://x.com/WazirXIndia
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Its good to be scared and avoid this exchange completely.Now its the time for community to teach them lesson.
It's really complicated. Losing trust in someone or something is always bad. We all know that trust is difficult to gain and easy to lose, especially in the world of cryptocurrencies, where it becomes even more complicated.
The best thing to do is to avoid this exchange altogether. If it doesn't have support, it's better not to use it.
What you said is right, and trust is precious, that onceit'ss broken, it's hard to gain again. This is why I will never trust this exchange, andluckilyy me that I never used it, but I learn from others' mistakes.
I will not just avoid but also ask my friend to avoid this exchange.
It's the right thing to do! Best regards.
Trust is a huge thing that is difficult to fix once it was broken especially in the world of cryptocurrencies
Absolutely and we need to be careful because its all related to money
In business the main thing you have is your reputation. Once that is damaged your business is as good as gone.
Exactly. Once its broken, its gone
Which exchange do you use?
Binance and mexc