New Delhi, August 29: Indian cryptocurrency exchange CoinSwitch has sued rival platform WazirX, saying they are taking legal action to recover the funds stuck on Nischal Shetty-run crypto platform. Ashish Singhal-run CoinSwitch said it has been over a month since WazirX, a major crypto exchange operating in India, claimed that a cyber attack on their platform led to the theft of $230 million (Rs 2,000 crore) worth of funds.
Cumulatively, CoinSwitch has Rs 12.4 crore in Indian rupees, Rs 28.7 crore in ERC20 tokens, and Rs 39.9 crore in other tokens stuck on WazirX, amounting to about 2 per cent of all funds of CoinSwitch. According to the WazirX claim, only ERC20 tokens were impacted in the alleged cyber attack. That translates to less than 1 per cent of total CoinSwitch funds. US and Seoul Markets Down Following Underwhelming Earnings Result of Chip Giant Nvidia.
“We have attempted to be in regular touch with WazirX since the day of the incident but have not been able to reach a solution to recover the funds that are stuck on their platform. Further, their announcement earlier this week is unclear about how a full recovery would happen,” CoinSwitch said in a thread on X social media platform. “So we are now taking steps, including legal action, to recover the funds stuck on WazirX,” it added. WazirX said on Wednesday it had filed for a moratorium in Singapore’s High Court to facilitate restructuring.
CoinSwitch further said that since the day of the incident, they have tried to be in constant touch with the WazirX team, seeking recovery of the funds that are stuck on their exchange. “However, our efforts have not come to fruition, leaving us with no choice but to pursue legal action to recover the funds,” it added. Nvidia Scraping YouTube and Netflix Videos To Train AI Models: Report.
It further said that the exposure to WazirX has no impact of its user balances and its ability to serve India’s crypto users. As an exchange aggregator, CoinSwitch maintains a small amount of liquidity on third-party crypto exchanges (7 per cent) to ensure seamless trading for its users.
(The above story first appeared on LatestLY on Aug 29, 2024 11:48 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).