2024

Million

WazirX

ERC20

<p>The post <a href="https://coinpedia.org/news/wazirx-might-face-lawsuit-from-coinswitch-for-nearly-10-million-in-trapped-funds/">WazirX Might Face Lawsuit from CoinSwitch for Nearly $10 Million in Trapped Funds</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>CoinSwitch, a major Indian cryptocurrency exchange, is <a href="https://x.com/CoinSwitch/status/1828729264650256644">suing </a>rival platform WazirX to recover ₹810 million ($9.65 million) in assets trapped following a cyber attack that led to the theft of $230 million in digital assets from WazirX. The lawsuit comes after WazirX proposed a controversial “socialized loss” strategy to distribute the loss across its users, which CoinSwitch opposes.</p> 
<p>Despite CoinSwitch’s continuous efforts to communicate and resolve the issue with WazirX, they have been unsuccessful in retrieving their assets. This lack of progress has left CoinSwitch with no other option but to pursue legal action to recover the funds.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">Why we’re forced to take legal action against WazirX?<br><br>From the day of the incident, we have tried to be in constant touch with the WazirX team, seeking recovery of the funds that are stuck on their exchange. However, our efforts have not come to fruition, leaving us with no…</p>— CoinSwitch: India's Simplest Crypto App 
   <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f680.png" alt="🚀" class="wp-smiley" style="height: 1em; max-height: 1em;"> (@CoinSwitch) <a href="https://twitter.com/CoinSwitch/status/1828729264650256644?ref_src=twsrc%5Etfw">August 28, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<h3 class="wp-block-heading" id="h-coinswitch-s-funds-stuck-on-wazirx"><strong>CoinSwitch’s Funds Stuck on WazirX</strong></h3> 
<p>The funds stuck on WazirX represent about 2% of CoinSwitch’s total assets, including ₹124 million in fiat currency, ₹287 million in ERC20 tokens, and ₹399 million in other cryptocurrencies. Despite this setback, CoinSwitch assures its users that its overall assets are 1.51x their holdings, maintaining at least a 1:1 ratio by tapping its treasury.</p> 
<h3 class="wp-block-heading" id="h-ongoing-challenges-in-india-s-crypto-industry"><strong>Ongoing Challenges in India’s Crypto Industry</strong></h3> 
<p>This legal battle underscores the growing challenges in India’s crypto industry, which is already strained by regulatory uncertainty and security issues. The WazirX incident, the country’s largest crypto heist, has further shaken trust in the sector. WazirX had proposed returning only 55% of customer holdings, locking the remaining 45% in USDT-equivalent tokens, but the recovery efforts may take years, and success is not guaranteed.</p> 
<p><strong>There is more coming up to this story, stay tuned with us!</strong></p>

WazirX Might Face Lawsuit from CoinSwitch for Nearly $10 Million in Trapped Funds

Table of Contents

CoinPedia News

Other articles published on Aug 28, 2024

Dogecoin (DOGE) Skyrockets 25% in Volume as Price Takes Bait

BlockDAG’s TG Tap Miner Helps the Crypto Surge >1680% While Ronaldo Beats Hamster Kombat on YouTu...

Maker (MKR) Price Faces Short-Term Pressure: Can It Rebound?

Is SHIB Primed for a Turnaround? Key Levels to Watch

Crypto Prices Today August 28: BTC Pulls Back To $59K, Major Altcoins Sink

Binance Supports MATIC to POL Token Conversion

Join our free newsletter for daily crypto updates!