WazirX Redirected $74M in Crypto to Other Exchanges After Major Hack: CoinSwitch

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CoinSwitch CEO Ashish Singhal has claimed WazirX transferred about $73.6m in users’ crypto to global exchanges Bybit and KuCoin following its major $234m cyber attack in July.

Singhal leveled the accusation on Monday, as CoinSwitch introduced a public dashboard to track wallet activities after WazirX’s recent wallet disclosure. WazirX, the hacked exchange, recently filed an affidavit with the Singapore High Court. It revealed over 240,000 wallet addresses as part of its debt restructuring efforts.

Singhal tweeted that CoinSwitch holds fiat and crypto with WazirX, but the exchange “illegally” halted withdrawals. So, CoinSwitch used its own treasury to cover users’ funds.

CoinSwitch began legal action against WazirX in July, revealing over $9m in trapped funds.

Singhal noted that the affected funds account for less than 1% of CoinSwitch’s total assets. Nevertheless, the company has developed a dashboard to closely examine the wallet addresses.

Making sense of WazirX’s wallet disclosure for users

Crypto exchange WazirX — which allegedly faced a cyberattack in July 2024 — has released over 240,000 wallet addresses as part of an affidavit they filed in the High Court of Singapore.

These many wallet addresses can be… pic.twitter.com/QfaEmuQXUZ

“Now, we are making that dashboard publicly available in the hope that it will be of some help to crypto investors at large,” he said.

“By scanning through these wallets, we have observed a large chunk of Wazirx crypto has been moved to exchanges such as Bybit and Kucoin post the incident,” Singhal added. “As of now, we have identified the movement of $ 72.13 mn