Faisal Ghaffar 
After the mess created by the FTX exchange’s crash, there is a lot of turmoil and paranoia in the cryptocurrency industry.
The situation has turned quite ugly for the entire cryptocurrency industry and every crypto firm is trying its best to save its face.
To ensure that the trust of the investors is gained, most of the cryptocurrency exchanges have introduced the proof-of-reserve.
They are having their reserves audited by specialized firms to show that the funds of the customers are safe and out of trouble.
Among all kinds of cryptocurrency firms, it is the major cryptocurrency exchanges from the respective regions that are resorting to this procedure.
It is very crucial for them to keep operating and not lose the trust of their customers because they are responsible for handling millions of users in a single go.
WazirX Releases POR Data
WazirX, a major cryptocurrency exchange in India, has resorted to the same step as it recently had its reserves verified.
It was on January 11 when the officials at the WazirX exchange announced that they had the audit conducted and released the data.
Claim by WazirX
While sharing the data pertaining to the reserves, the officials at the exchange made a bold claim as well about their status.
They have claimed that the entire world knows that WazirX is the largest Indian cryptocurrency exchange in terms of volume.
However, they have recently established that they are the largest Indian crypto exchange even when it comes to reserves.
Stats Displayed through Coin Gabbar
The reports confirm that the exchange acquired the services of a third-party platform known for tracking cryptocurrency assets, Coin Gabbar.
The firm has displayed statistics showing the reserves that currently belong to the WazirX exchange.
Coin Gabbar has reported that at the time of writing, the total assets belonging to the users being held by WazirX are roughly worth $285 million. The data shows that these funds are held in the form of Tether (USDT).
Binance Wallets Hold the Funds
One of the most concerning details about the WazirX POR data is that the exchange has most of the users’ assets stored in the wallets of Binance.
To be precise, 90% of the total funds belonging to the users on the WazirX exchange are under the custody of the wallets belonging to the Binance exchange.
The data confirms that the rest of the 10% of funds belonging to the customers are held in cold and hot storage wallets.
It is a very concerning matter for the WazirX users that most of their funds are with the Binance exchange. It was recently called out by the entire crypto community for showing wrong figures for BTC POR.
Although there is no report about the Binance exchange going bankrupt like the FTX exchange, the risk factor is still there.
The investors may grow worried about their funds and may start withdrawing their funds from the WazirX exchange.
