The CEO of CoinSwitch has accused WazirX of transferring user funds to other exchanges following a recent hack. WazirX, which disclosed wallet address data as part of its affidavit with the Singapore High Court, has yet to recover any funds nearly two months after the incident. CoinSwitch, which recently filed a lawsuit against WazirX, has released information regarding the hack, highlighting concerns about the situation.
CoinSwitch CEO Ashish Singhal shared details on his X account, referring to the wallet addresses WazirX provided in its moratorium application to the Singapore High Court. Singhal pointed out that these addresses were complex and difficult to analyze, underscoring the need for more transparency from WazirX.
To better understand the situation, CoinSwitch developed a dashboard to track and monitor the movement of funds between the disclosed addresses. According to this dashboard, WazirX holds an on-chain balance of $157.96 million. Singhal stated that a significant amount of funds had been moved from WazirX to other exchanges, specifically $72.13 million to Bybit and $1.5 million to KuCoin. However, these transactions have not yet been confirmed by independent authorities or on-chain analysts.
Reasons Behind CoinSwitch’s Legal Action Against WazirX:
At the end of July, CoinSwitch announced it was suing WazirX, accusing the platform of blocking CoinSwitch’s attempts to recover user funds lost in the hack. As a result, CoinSwitch had to cover the affected user balances from its own reserves. The lack of action from WazirX in addressing the issue was a key factor driving the lawsuit.
In his recent statement, Singhal mentioned that CoinSwitch’s dashboard is now publicly accessible, allowing investors to track the ongoing situation. He noted that, as the situation continues to “evolve,” a complete dataset might not be immediately available.
Meanwhile, WazirX has not provided any new updates regarding the hack or the recovery of funds over the past few weeks.
