Mudrex, an Indian crypto investment platform, unexpectedly suspended withdrawals and faced criticism from the community.
The company later explained that this pause was to upgrade its compliance system to prevent bad actors.
Alankar Saxena, the founder and CTO of Mudrex, addressed the situation on X, explaining that the suspension is temporary and “not permanent.” He reassured users that INR withdrawals are unaffected and funds are secure:
“We will be able to complete the compliance upgrade by January 28th and will resume crypto withdrawals after.”
He stated, further reaffirming the company’s commitment to core crypto principles and collaboration with the community to advance cryptocurrency technology.
“The goal is to automate and streamline the verification process for quicker and more reliable withdrawals, all while maintaining the highest levels of compliance and security,”
stated Edul Patel, co-founder and CEO of Mudrex, emphasizing that the platform has consistently supported crypto withdrawals.
Before Mudrex’s official clarification, the news fueled skepticism and backlash within the Indian crypto community, leading to widespread misinformation. The announcement was met with doubt, with one user accusing Mudrex of offering “price exposure, not ownership.” However, after the platform’s clarification, one user took to X to thank Mudrex for addressing the issue and providing clarity to investors. Another user urged Mudrex to maintain transparency with investors, citing concerns about ongoing problems with Wazirx.
In another development, the Indian Ministry of Home Affairs, through its Cyber Crime Coordination Centre, has partnered with Google and Facebook to combat cryptocurrency scams. The Ministry’s 2024 report revealed that vulnerable groups, including unemployed youths, housewives, and students, are losing significant sums to “pig butchering” scams and investment frauds. These schemes are often promoted through fake investment ads on Google and messaging platforms like WhatsApp and Telegram. The collaboration aims to flag malicious ads, identify fraudulent lending apps, and detect phishing campaigns linked to these scams.
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