Crypto investment platform CoinSwitch on October 22 released the fourth edition of its proof of reserves (POR), coming a day after the platform launched a dashboard for affected users to track hacked rival WazirX’s wallet addresses.
According to CoinSwitch’s POR, its INR equivalent value of the total holdings of CoinSwitch, including crypto and INR balance, is Rs 2,514.91 crores. User holdings, including crypto and INR, with CoinSwitch, stands at Rs 1,952.81 crore. The platform has over 2 crore users.
CoinSwitch said that it maintains a holdings ratio of 1:1 or more (A ratio of 1:1 or higher means the platform holds as much or more than users’ crypto and INR balances, allowing users to redeem or withdraw them at any time). These assets are held by PeepalCo, CoinSwitch's parent brand.
Balaji Srihari, Business Head, CoinSwitch said, “Given what has happened in the Indian crypto industry recently, we need to be more transparent and accountable to our users.”
He added, “At CoinSwitch, safeguarding our users' funds is not just a responsibility—it’s the core of everything we do. We understand the trust our users place in us when they invest and trade on our platform, and we take that trust seriously.”
Srihari is referring to WazirX’s $230-million cyber attack in one of its multisig wallets which led to the exchange losing nearly 45 percent of its crypto holdings in July 2024. At present the exchange is in the midst of restructuring its business to be able to partially enable impacted users get their funds.
CoinSwitch is currently also taking legal action against WazirX to recover 2 percent of its funds that are stuck with the crypto exchange after the hack. CoinSwitch cumulatively held Rs 12.4 crore in INR, Rs 28.7 crore in ERC20 tokens, and Rs 39.9 crore in other tokens on WazirX.
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