WazirX Hack Carry Go Regulatory Eye-Eye and Users Dey Run Comot As CoinDCX See Growth Inside India Crypto Market Wahala
India crypto market don see kasala wey plenty afta di big WazirX exchange hack for July 2024, where dem carry approximately $235 million, dem say na North Korea people wey dem call Lazarus Group do am. Dis tin make users lose about Rs. 2,000 crore, come lock out over 4.4 million users. WazirX con say dem go restructure to get 85% of users money back by May 2025, di rest go pay later years, depending on how di business take recover. But even with over 93% users gree, e still dey wait for court approval for Singapore. One case dem carry go India Supreme Court to investigate more, dem troway am because no clear rules for cryptocurrency, wey show say dem need to do something quick. Afta di hack, investors for India no too trust di crypto exchanges again, make many of dem run go platforms wey get better rules like CoinDCX, wey report 12% increase for users – mostly young people under 35. CoinDCX trading volume jump go $995 million for late 2024, before e drop to $388 million by March 2025 as things don unstable everywhere and rules no clear. Even though pass 16 million Indians dey actively trade crypto and India dey number one for di world for grassroots crypto adoption, palava still dey because Supreme Court compare Bitcoin trading to 'Hawala', come talk say government slow to make rules. International rules wey US and EU dey make also dey affect India market mind and how dem dey trade. CoinDCX CEO, Sumit Gupta, believe say as rules clear pass and big companies show interest, e fit make India crypto sector strong pass. For crypto traders, market still dey cautious. Although users dey increase and grassroots adoption good, di wahala with unclear rules and security issues wey pipo know about go likely make di market shake pass and make risk higher for India exchanges. If dem enforce stronger rules and WazirX fit get di money back well, e fit make pipo trust am pass, but if di uncertainty carry on, e fit reduce trading and prices.
Bearish
WazirX security wahala wey happen plus di slow way dem take see moni again don shake investors belle for Indian crypto exchanges well well, wey make plenty people move go platforms wey get better rules like CoinDCX. Even with plenty users wey dey join and how everybody just dey gbadun am for ground, di kasala wey regulatory rules get and how Supreme Court just dey criticise things don make people dey feel bad. Trading volume don just dey go up and down, sometimes e go just shoot up, sometimes e go just fall kpata kpata. Until India arrange clear rules for crypto and fix all dis big hack wahala dem, market people go still dey feel say things no go better, dem go just dey fear to take risk, and price of Indian crypto things fit come down.