WazirX Reportedly Moved $72.13 Million in Crypto to Bybit Post-Hack

WazirX Reportedly Moved $72.13 Million in Crypto to Bybit Post-Hack

Bitcoin Ethereum News

Cryptocurrency exchange WazirX has reportedly transferred $72.13 million worth of crypto to rival platform Bybit, according to recent blockchain analysis.

This movement of funds comes in the wake of WazirXs disclosure of over 240,000 wallet addresses as part of an affidavit filed in the High Court of Singapore, following an alleged cyberattack in July 2024.

The transfer was identified through a dashboard created by the team at CoinSwitch. PeepalCos co-founder, Ashish Singhal, made the dashboard public to help investors navigate the complex dataset released by WazirX.

Making sense of WazirXs 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…

— Ashish Singhal (@ashish343) October 21, 2024

Disclosing WazirXs wallet movements

The analysis of WazirXs wallet disclosures has revealed several key points. A large portion of WazirXs crypto holdings has been moved to exchanges like Bybit and KuCoin since the reported incident.

In addition to the $72.13 million transferred to Bybit, approximately $1.5 million was moved to KuCoin.

The sheer volume of wallet addresses disclosed (over 240,000) has made it challenging for average users to interpret the data effectively.

CoinSwitchs involvement in this analysis stems from its own stake in the matter. The company claims to have deposits with WazirX that were illegally frozen, forcing the exchange to use its Treasury to compensate its users. As a result, CoinSwitch is pursuing legal action against WazirX to recover these funds.

The public release of this analysis tool aims to provide greater transparency in a situation that has left many Indian crypto investors confused.

While this dashboard provides valuable insights, it represents just one piece of a larger puzzle.