Indian cryptocurrency users outraged over delayed payments, other issues

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CHENNAI: After repeated transaction and payment delays, Indian cryptocurrency investors have expressed outrage as multiple exchanges face downtime at the back of high traffic.
For example, Gurgaon-based Nik Sharma, 28, asked “Who are these exchanges regulated by? Why cannot we find a toll number of mail id to file a complaint on delayed cancellation of payments? Why should we rely only raising complaints on Twitter?”
On Tuesday, Sharma faced a two-hour delay in the cancellation of sell order on his Dogecoin and has raised seven tickets on the WazirX app, which are unattended so far.
Facing a downtime for the second time in a month, WazirX CEO Nishcal Shetty claimed the disruption was a cause of a sudden spike in heavy traffic on its platform. “As more users got on board the site, even the legitimate requests were getting blocked as our AI detected them and incorrectly marked this as a threat. Need of the hour is to onboard more coders and not add more servers.”
In the case of Doge-INR trade, the exchange said it saw almost one lakh users on the site at a time, which is 70% more than our daily average trade.
After Bitcoin, Dogecoin’s sudden price movement, on Wednesday, had caused a massive surge in volume of users and transactions on Indian exchanges.
Another user Arpit Biyani tweeted he had placed a stop loss order when Doge was Rs 58, the exchange has paused the Doge trading and resumed it at Rs 54. “Who is going to pay for my loss?”
On complaints on delay in deposits made to user WazirX wallet, Shetty says, “Banking partners like ICICI Bank have stepped down, so we found replacements (a private bank). However, there are customers who still deposit in the old bank account, which causes the delay.”
Another exchange CoinDCX faced criticisms from users who got logged out of their accounts and unable to sign in, besides others who saw incorrect trade rates on the platform.
Its co-founder Neeraj Khandelwal, on Wednesday, tweeted, “Due to unprecedented traffic our systems were tested and some key APIs failed. This led to an abnormal activity on our CoinDCX Go App. We were able to recover the systems however we had to put the app under maintenance.” The entire maintenance activity lasted for 18 minutes, Khandelwal said.