tl;dr
WazirX, an Indian cryptocurrency exchange, is accused of transferring $75 million in users' funds to other exchanges following a July 2024 hack, without informing its users. The accusations come amidst an ongoing legal dispute with CoinSwitch, which has sued WazirX for freezing its assets after a $2...
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WazirX, an Indian cryptocurrency exchange, is accused of transferring $75 million in users' funds to other exchanges following a July 2024 hack, without informing its users. The accusations come amidst an ongoing legal dispute with CoinSwitch, which has sued WazirX for freezing its assets after a $230 million breach.
CoinSwitch has launched a public dashboard to track the exchange’s suspicious fund transfers, aiming to raise awareness and show users the flow of funds. The legal battle is ongoing, and WazirX has released over 240,000 wallet addresses as part of an affidavit filed in the High Court of Singapore. The situation has left the crypto community concerned about how the exchange treated user funds post-hack. WazirX's recovery process is complicated due to the legal battle and a four-month moratorium from the Singapore High Court. CoinSwitch demands the release of $9.7 million worth of frozen funds.
Ashish Singhal, the co-founder of the Indian cryptocurrency exchange CoinSwitch, accused the rival platform WazirX of transferring user assets amounting to $75 million to international exchanges like Bybit and KuCoin. The accusation against Indian exchange came after the July 2024 cyber attack, when more attention was paid to its actions.
CoinSwitch accused WazirX of transferring some $75 million in users’ funds to exchanges, such as Bybit and KuCoin, since the July 18 hack without informing its users. The accusations are the latest in a legal tussle that saw CoinSwitch sue WazirX for freezing its assets after the exchange went through a $230 million breach. CoinSwitch launched a dashboard tracking the exchange’s suspicious fund transfers to raise awareness of this issue and show users the flow of funds. The exchange is already reeling from a tussle to get back into business after the cyber attack. The two exchanges are fighting over the frozen assets, and it will face litigation.
While India’s crypto landscape still grapples with the situation, this dashboard intends to illuminate wallet activities. In the prolonged debt restructuring, WazirX exposed over 240,000 wallet addresses in its recent affidavit before the High Court of Singapore.
In August 2024, the parent company of WazirX, Zettai Pte Ltd, received a four-month moratorium from the Singapore High Court. The concept of temporary protection was to aid the exchange in sorting out its finances and managing the restructuring process. But the exchange’s recovery process is even more complicated in the middle of a continuing legal battle with CoinSwitch over frozen funds worth $9.7 million.
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