CoinSwitch initiates legal action against WazirX after a $230M cyberattack incident.
WazirX files a moratorium in Singapore court to restructure crypto liabilities.
CoinSwitch reassures users of secure funds and plans to publish proof of reserves.
CoinSwitch, a major Indian cryptocurrency platform, is suing WazirX, another big Indian crypto exchange, over a $230 million cyberattack. CoinSwitch says it has tried multiple times to get the funds back, but hasn’t been successful, so they are taking legal action.
In a recent series of posts, CoinSwitch explained the situation and assured users their funds are safe. After the hack, CoinSwitch used its own money to make sure all user crypto holdings were fully backed. The platform also plans to publish its proof of reserves for the second time this year to be more transparent.
It's been over a month since WazirX, a major crypto exchange operating in India, claimed that a cyber attack on their platform led to the theft of $230 million (~ Rs 2000 cr) worth of funds.
We have attempted to be in regular touch with WazirX since the day of the incident but…
— CoinSwitch: India's Simplest Crypto App 
(@CoinSwitc…
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