CoinSwitch CEO Ashish Singhal has accused WazirX management of transferring $75 million of user funds to international platforms without user notification, following a cyberattack in July 2024.

CoinSwitch's Allegations Against WazirX

CoinSwitch sued WazirX for freezing its funds after a Rs 2000 crore hack. CoinSwitch claims WazirX secretly transferred over $75 million of user funds to global platforms like Bybit and KuCoin, leaving users uninformed.

WazirX's Wallet Disclosure

In a court filing, WazirX revealed 240,000 wallet addresses in the High Court of Singapore. This massive data release is overwhelming for many Indian users who are new to crypto. With most wallets showing small or zero balances, it's difficult for an average investor to understand the scenario.

Investigation Findings and CoinSwitch's Dashboard

CoinSwitch found that $72.13 million of WazirX's digital assets were transferred to Bybit, while $1.5 million went to KuCoin. CoinSwitch made these findings public via a dashboard, allowing investors to track suspicious movements. The dashboard revealed that of the 240,000 wallets scanned, nearly 100,000 have balances below $10, and about 18,000 are empty.

CoinSwitch is committed to restoring transparency and trust in the crypto community by exposing secret fund transfers and taking steps to protect user interests.