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Twitter annoyed with WazirX over payment snag; 'Your funds are safe' says exchange

In response, WazirX said that the delay in accepting funds was due to a "network issue at our banking partner's end," adding that the money that was debited from traders' accounts would be credited back ASAP. "Your funds are safe," assured the exchange.

May 10, 2021 / 09:29 AM IST
Representative Image

Representative Image


India's largest cryptocurrency exchange WazirX is facing a payment snag. Since Saturday morning multiple users took to social media complaining that they are unable to make deposits to the exchange.

In response, WazirX said that the delay in accepting funds was due to a "network issue at our banking partner's end," adding that the money that was debited from traders' accounts would be credited back ASAP. "Your funds are safe," assured the exchange.

Tweets from multiple accounts suggest the issue has not been resolved yet. Moneycontrol could not independently verify the same.

A recent crypto frenzy has led many novice traders to foray into the world of bitcoin, ether and other digital coins. Despite RBI's contempt, Indian investors have also shown a keen interest in cryptocurrencies. Recently, WazirX reported that it has added one million users during April and is eying to onboard 10 million customers on its platform by the end of the ongoing quarter.

However, the upsurge in traffic has led to technical snags.

Even last week, many users had posted on social media about transaction delays, payment failures and their money getting stuck.

The company had then said its servers are being overwhelmed by traffic caused by the massive demand for Dogecoin.

"Doge’s sudden price movement has caused a massive surge in our traffic. We’re seeing more than a 1000% spike in concurrent users," WazirX said.
Moneycontrol News
first published: May 10, 2021 09:29 am

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