tl;dr
Nischal Shetty, the founder of WazirX, responded to allegations that the company transferred $75 million worth of crypto assets to two major exchanges without informing users. The allegations were made by CoinSwitch's CEO Ashish Singhal, who claimed that WazirX moved a large amount of crypto to seve...
Nischal Shetty, the founder of WazirX, responded to allegations that the company transferred $75 million worth of crypto assets to two major exchanges without informing users. The allegations were made by CoinSwitch's CEO Ashish Singhal, who claimed that WazirX moved a large amount of crypto to several exchanges following a hacking incident. In response, Shetty denied the claims, stating that the assets were shifted to the exchanges as part of a legitimate process to onboard a new custodian after a previous attack. WazirX had been granted a four-month moratorium by a Singapore court following the hack. Despite offering rewards and seeking help from experts and law enforcement, WazirX has not recovered the stolen money. The situation seems bleak, with the perpetrator, allegedly linked to North Korea, having reportedly laundered most of the gains. CoinSwitch's CEO accused WazirX of transferring crypto assets to major exchanges in the aftermath of the hacking incident. Singhal claimed that WazirX transferred digital currency worth $72.13 million to Bybit, with another chunk valued at $1.5 million going to KuCoin. CoinSwitch was forced to use funds from its treasury to compensate customers, and it is currently pursuing legal action against WazirX to recover the funds used. WazirX CEO Nischal Shetty denied the allegations, stating that the company shifted the assets to the exchanges as part of a legitimate process to onboard a new custodian after parting ways with Liminal in the aftermath of the July attack. Despite offering a $23 million bounty and tapping forensic experts and law enforcement for help, WazirX has yet to recover any of the money stolen in the July attack. The situation underscores the challenges faced by cryptocurrency exchanges in the wake of security breaches, with legal battles and the complexity of recovering stolen funds adding further complications to an already volatile industry. The involvement of authorities and ongoing investigations will likely shape the outcome of this contentious issue, while also impacting the broader regulatory landscape for cryptocurrency exchanges in India and beyond. What's your take on this cryptocurrency exchange saga? How do you think the ongoing legal battles will shape the future of crypto regulation?
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More about Tanzanian Royalty Exploration Corp
Tanzanian Royalty Exploration Corp, Tanzanian Gold Corporation is engaged in the exploration and development of mineral property interests in the United Republic of Tanzania. The company is headquartered in Vancouver, Canada.
Sector: ENERGY & TRANSPORTATION
Industry: GOLD AND SILVER ORES
Market Cap: 115249000
Dividend Yield: None
EPS: None
P/E Ratio: 0
ROE: 0.127
Vol Avg (3m): 36723000
Price: 1.38
Change: 2.549
Change (%): 0.625