Cryptocurrency platform CoinSwitch has filed a lawsuit against WazirX over a cyberattack that resulted in a $230 million theft. CoinSwitch assures users that their funds are secure and plans to publish proof of reserves.
The $230M Cyberattack
The cyberattack, which occurred a month ago, led to the theft of $230 million from the WazirX platform. CoinSwitch has made multiple attempts to recover the stolen funds but has been unsuccessful, prompting the lawsuit.
CoinSwitch's Response
CoinSwitch used its own funds to fully back user cryptocurrency holdings after the incident. The platform also plans to publish its proof of reserves for the second time this year to enhance transparency.
Future Plans
CoinSwitch continues to strengthen its security measures and build user trust by publishing proof of reserves. These steps are aimed at improving transparency and protecting customer funds.
The legal battle between CoinSwitch and WazirX has been triggered by a major cyberattack. CoinSwitch is doing everything possible to safeguard user funds and intends to continue efforts to enhance transparency and security.
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