WazirX moved crypto worth $73.63 million to global exchanges post-cyberattack, claims CoinSwitch's Ashish Singhal

Ashish Singhal-CEO-CoinSwitch

WazirX moved around $73.63 million worth of remaining user crypto assets to global exchanges Bybit and KuCoin following a $230 million cyberattack, according to Ashish Singhal, co-founder and CEO of rival platform CoinSwitch.

In a post on X on October 21, Singhal claimed that his platform had identified the transfer of $72.13 million worth of crypto to Bybit and $1.5 million to KuCoin, originating from WazirX.

In July, WazirX lost nearly 45 percent of its crypto asset holdings after one of its multisig wallets got hacked. WazirX is the largest crypto exchange in India, with around 33 percent of the country's crypto users holding accounts and balances with the platform.

Recently, WazirX was required to disclose the addresses of around 240,000 wallets with balances to comply with a Singapore Court order. WazirX's parent entity, Zettai Pte, is headquartered in Singapore.

However, these addresses proved confusing for users to track their funds. To address the confusion, CoinSwitch developed a dashboard to help users easily track and manage their funds associated with these wallet addresses.

“We are pursuing legal action against WazirX to recover our funds so it’s important for us to understand the information they have shared deeply. To that end, our team created a dashboard that makes it easier to sift through these wallet addresses. Now, we are making that dashboard publicly available in the hope that it will be of some help to crypto investors at large,” Singhal said.

CoinSwitch is 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.

“Think of this dashboard as just one piece of a complex puzzle that we are also trying to figure out. With ongoing legal proceedings, there are limitations to what we can share. However, we will try our best to share our understanding with the crypto community within those limits,” Singhal added.

Reacting to Singhal's comments, a WazirX spokesperson said, “CoinSwitch has made a dashboard of our wallet addresses, but their users have been asking for CoinSwitch's real time proof of reserve (POR) and all the wallet addresses of CoinSwitch and they have not provided anything where people can track in real-time."

WazirX claimed that it too had tracked real time wallets, showing how easy it is to build a dashboard. "But unfortunately they themselves haven’t built it for their customers who have been demanding for many years now," the spokesperson said, adding, "So we would request CoinSwitch to first fix their own POR, make it real time and share all of their wallet addresses too along with a dashboard to make it easy for their customers."