CoinSwitch CEO Alleges WazirX With Moving $75M User Funds Post Hack

• CoinSwitch CEO has alleged WazirX of moving user funds to other exchanges after the hack.
• WazirX recently released wallet addresses data as part of its affidavit with the Singapore High Court.

After nearly two months of the WazirX hack, there has been no sign of fund recovery yet. Meanwhile, the Indian crypto exchange, CoinSwitch, which recently sued WazirX, has released information related to the WazirX hack. On the other hand, other leading exchanges also witnessed hacks in recent weeks.

Notably, CoinSwitch CEO, Ashish Singhal discussed on his X account the WazirX wallet addresses released recently. The hacked crypto exchange released the addresses as part of its moratorium application in the Singapore High Court. The CEO stated that these addresses are difficult to navigate and understand the situation.

Singhal further pointed to WazirXs lack of action and delved into reasons why they had to sue the exchange. Additionally, the CoinSwitch team, in an attempt to fathom the information provided by WazirX has built a dashboard that would monitor and identify fund movement between these addresses.

According to CoinSwitchs dashboard, the WazirX platform holds an on-chain balance of $157.96 million. The CEO stated that on analyzing the data, they found that huge amounts of WazirX funds have been moved to exchanges, Bybit and KuCoin. He mentioned that $72.13 million funds were moved to Bybit, while KuCoin received $1.5 million funds. These aspects are yet to be confirmed by other authorities and on-chain investigators.

Why Did CoinSwitch Sue WazirX？

Towards the end of July, CoinSwitch announced taking legal action against WazirX for preventing CoinSwitch from recovering their users‘ funds from the hacked platform. This caused the crypto exchange to compensate user funds using their own treasury. The hacked exchange’s lack of action was also another crucial cause for CoinSwitchs legal battle.

In the recent post, Ashish Singhal stated that the dashboard is made publicly available to help investors fathom the situation. Moreover, he also said that since the situation is still “evolving” complete data cannot be expected right away.

Meanwhile, WazirX has not announced any other update on the hack or fund recovery in the past few weeks.