According to ChainCatcher, Indian cryptocurrency exchange CoinSwitch announced on July 1 that it would take legal action against competitor WazirX to recover approximately $9.6 million in assets trapped since WazirX suffered a $230 million cyber attack in July. In the July hack, WazirX lost approximately 45% of its funds.
CoinSwitch said it had “no choice” but to take legal action as its attempts to recover the funds, which represent about 2% of its total assets, have been unsuccessful. WazirX also faces a potential asset freeze in India due to a petition filed on August 3 asking the National Company Law Tribunal to investigate the company for possible fraud.