On Thursday, WazirX , the top Crypto Exchange, experienced a security breach in their multi-sig wallet, that leads to a big loss of $235 million, which amounts to half of their investors’ funds.
According to current situation, WazirX has halted withdrawals from their platform and lodged a complaint with India’s police. In addition to that, the policy of WazirX prohibits its near 1.5 million users from taking any legal action to claim their funds, for at least 60 days.
Under this situation, The investors are now looking for new exchanges that can take up the top position in the country.
According to the current market reports and reputation, There are three potential candidates that can take up the top position in Indian Crypto exchange.
Bitbns
Bitbns is a prominent cryptocurrency exchange in india, it is known for offering various services such as withdrawals, margin trading, INR deposits and investment plans. it also provides the 24/7 customer support with has user base of over 4 million in India.
The exchange has a user-friendly interface, making it suitable for both beginners and experienced traders. To assure the safety of users, It requires all accounts to have 2FA and offers the option for Google authentication as well as it also utilizes the latest technology and architecture for security features, including bug bounty program.
The trading fees on Bitbns vary from 0.03% and 0.25% for those who transact on BNS. Bitbns allows traders to trade 134 coins and 155 trading pairs with a trading volume of $1,458,943 in last 24 hours,
The founders of Bitbns are Gaurav Dahake, Prashant Singh and Srikanth Sethumadhavan.
MudreX
Mudrex is a crypto exchanges that is growing very rapidly in India. Mudrex holds a loyal user base over 2 million worldwide from that 70% from India. It launched in 2018 and now it become popular amound ordinary investors.
MurdreX has partnered with Binance Institutional Custody, which means MudreX can utilize $100 million dedicated insurance for Binance Insitutional Clients, as well as a $1 billion SAFU insurance fund. In addition to that it has taken meansures to secure its users against possible breaches with the help of 2FA and Google authentication.
Now, the total market cap of MudreX is $57,266,000, with a daily trading volume of $3.39 million. if it face any hacking incident like wazirX, in this case MudreX will definetly refund the user’s money
The founder and CEO of Mudrex is Edul Patel.
CoinDCX
CoinDCX boasts of a strong user base of over 1.5 million customers. Now that WazirX is experiencing a down time, CoinDCX can capitalize on this opportunity. CoinDCX and WazirX both entered into the Indian market at very early stage. Due to that these have a strong user base.
Founders of CoinDCX claim that they secure 95% of funds in geographically distributed multi-signature cold wallets using top-tier hardware security modules (HSMs). Only 5% of assets are stored in hot wallets and are insured by BitGo
it follows four key security principles to prevent security breach that are preventing internal misuse, protecting its systems from threats, strictly opposing data fraud and minimizing human error.
CoinDCX offers a wider range of cryptocurrencies and advanced trading features, In additon to that all the personal accounts are safeguarded with two-factor authentication and withdrawal confirmations.
