After a recent cyberattack, WazirX, India’s largest crypto exchange, has reportedly transferred $75 million in user funds to global exchanges Bybit and KuCoin. This allegation, made by Ashish Singhal, co-founder of rival exchange CoinSwitch, follows WazirX's disclosure of over 240,000 wallet addresses in an affidavit to the Singapore High Court. The attack on July 14 compromised around $230 million worth of assets, leading to the suspension of withdrawals for users. In an attempt to provide clarity amidst the confusion caused by WazirX's extensive wallet disclosures, CoinSwitch launched a dashboard to track these fund movements. The dashboard disclosed that $72.13 million was moved to Bybit and $1.5 million to KuCoin. The ongoing legal proceedings complicate the situation for WazirX, which has faced challenges such as a $9.7 million freeze on funds. As WazirX works on restructuring under a court moratorium, CoinSwitch has assured its users that their assets are safe and has maintained a 1:1 reserve ratio while exploring further data transparency.

Source 🔗