WazirX Accused of Transferring $75M to Other Exchanges Post-Hack: CoinSwitch Alleges Mismanagement
Highlights
- CoinSwitch accuses WazirX of transferring $75 million in user funds without disclosure.
- WazirX allegedly moved funds to exchanges like Bybit and KuCoin following the July 2024 hack.
- The accusations fuel an ongoing legal battle between the two Indian crypto exchanges.
CoinSwitch co-founder Ashish Singhal has accused rival exchange WazirX of transferring approximately $75 million in user assets to other international exchanges, such as Bybit and KuCoin, without informing users. These allegations come in the wake of a major cyber attack that hit WazirX in July 2024.
To increase transparency, CoinSwitch has introduced a public dashboard that tracks wallet movements using disclosed exchange data. The dashboard highlights the suspicious transfers and raises concerns over WazirX's internal management practices post-hack.
WazirX Under Fire for Transferring Funds After July 2024 Hack
The legal dispute between CoinSwitch and WazirX escalated after CoinSwitch accused WazirX of secretly transferring user funds following the breach. CoinSwitch claims that WazirX shifted $72.13 million to Bybit and an additional $1.5 million to KuCoin, without notifying its users.
This legal battle follows a $230 million breach that had already crippled WazirX’s operations, leading to frozen assets and affected withdrawals. CoinSwitch aims to bring greater transparency to the situation, showing users the flow of funds via its newly launched tracking tool.
Making sense of WazirX’s wallet disclosure for users
Crypto exchange WazirX — which allegedly faced a cyberattack in July 2024 — has released over 240,000 wallet addresses as part of an affidavit they filed in the High Court of Singapore.
These many wallet addresses can be… pic.twitter.com/QfaEmuQXUZ
CoinSwitch’s Transparency Tool and WazirX’s Legal Struggles
The public tracker developed by CoinSwitch reveals over 240,000 wallet addresses exposed during WazirX’s affidavit submission to the High Court of Singapore.
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