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WazirX moved $75 Million worth user funds after hack: Coinswitch CEO
Coinswitch has sued WazirX in Singapore Court to retrieve their funds stuck in the exchange.
Written By:
Dishita Malvania
Reviewed By:
Vaibhav Jha
Last updated: October 21, 2024 1:10 PM
Published October 21, 2024 12:46 PM
WazirX moved $75 Million worth user funds after hack: Coinswitch CEO
CoinSwitch CEO Ashish Singhal has accused WazirX exchange management of transferring $75 Million worth of user funds to other global exchanges, without informing users, after the July 18 hack.
Singhal’s exchange had sued WazirX for freezing their funds in the exchange after the Rs 2000 crore hack. Now Singhal has accused WazirX exchange of secretly moving over $75 million of user funds to global platforms like Bybit and KuCoin, leaving users in the dark.
Already reeling from a cyberattack in July 2024, WazirX now faces legal action from fellow Indian exchange CoinSwitch, which is seeking to recover locked funds. In response, CoinSwitch has launched a dashboard that tracks these suspicious fund movements, giving investors a clearer view of what happened behind the scenes. This transparency tool not only shines a light on WazirX’s hidden transfers but also exposes just how deep the rabbit hole goes.
WazirX’s Wallet Disclosure
In a court filing, WazirX revealed a staggering 240,000 wallet addresses as part of its affidavit in the High Court of Singapore. However, this massive data dump is overwhelming, especially for many Indian users who are still learning the ropes of crypto wallets.
The complexity of the dataset—with thousands of wallets showing either tiny or zero balances—makes it tough for the average investor to make sense of the situation.
Ashish Singhal Tweet
Source: Twitter
CoinSwitch’s investigation uncovered that $72.13 million worth of WazirX’s digital assets were transferred to Bybit, while $1.5 million ended up on KuCoin. CoinSwitch has not only taken legal steps but also made its findings public through a dashboard, allowing investors to track these suspicious movements.
The exchange, which used its funds to protect user interests after WazirX’s illegal withdrawal freeze, is now leading the charge in restoring transparency and trust.
Dashboard Insights: Clarity Amid Chaos
CoinSwitch’s dashboard has scanned 200,000 of the 240,000 wallet addresses. Shockingly, nearly 100,000 of these show balances below $10, and about 18,000 are empty. While these numbers might seem small for individual users, the overall scale of WazirX’s transfers raises alarms.
CoinSwitch’s findings suggest that the transfer of millions to Bybit and KuCoin happened shortly after the alleged cyberattack, possibly to safeguard assets amid growing scrut
