WazirX Moved $75M to Global Exchanges After Hack: CoinSwitch Co-Founder
The post WazirX Moved $75M to Global Exchanges After Hack: CoinSwitch Co-Founder appeared on BitcoinEthereumNews.com.
The co-founder of Indian crypto exchange CoinSwitch has accused rival exchange WazirX of transferring $75 million worth of user funds to global exchanges Bybit and KuCoin in the aftermath of a July 2024 cyberattack. Ashish Singhal made the allegation as CoinSwitch released a public dashboard tracking wallet activities based on WazirX’s recent wallet disclosure. 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 — Ashish Singhal (@ashish343) October 21, 2024 WazirX recently filed an affidavit with the High Court of Singapore, revealing over 240,000 wallet addresses as part of its debt restructuring efforts. On Monday, Singhal tweeted that the sheer size of the data dump has left many users confused, particularly in India, where crypto literacy is still growing. “Parsing this data is nearly impossible for the average user,” Singhal said. CoinSwitch built and shared a dashboard that tracks the movement of funds from WazirX’s wallets to address the confusion. The dashboard revealed that $72.13 million in crypto had been transferred to Bybit and $1.5 million to KuCoin in the aftermath of the breach. “Think of this dashboard as just one piece of a complex puzzle that we are also trying to figure out,” Singhal remarked, notifying users that more updates will follow as the situation unfolds. Due to ongoing legal proceedings, Singhal clarified that there are limits on the information CoinSwitch can share, but assured users of continued transparency. “If you require different data cuts, don’t hesitate to reach out to us,” he said, asking users to engage with their team. The WazirX hack The July 14 cyberattack on WazirX compromised…
Filed under: News - @ October 22, 2024 7:21 pm