tl;dr
Crypto exchange CoinSwitch has taken legal action against competitor WazirX over funds stuck on WazirX's platform following a cyber attack in July. WazirX has filed for a 30-day moratorium with Singapore’s High Court, seeking to address users’ cryptocurrency balances and facilitate recovery. The cyb...
Crypto exchange CoinSwitch has taken legal action against competitor WazirX over funds stuck on WazirX's platform following a cyber attack in July. WazirX has filed for a 30-day moratorium with Singapore’s High Court, seeking to address users’ cryptocurrency balances and facilitate recovery. The cyber attack resulted in the theft of approximately $230 million worth of cryptocurrency assets, primarily affecting Ethereum-based ERC-20 tokens. CoinSwitch claims to have approximately $9.7 million worth of assets on WazirX, representing about 2% of its total funds, with the affected ERC20 tokens accounting for less than 1% of its total assets.
The lawsuit is being filed the same day that WazirX announced in a blog post that it filed for a 30-day moratorium with Singapore’s High Court. If the moratorium is approved, it’ll give the exchange “breathing space while Zettai progresses with a restructuring, which represents the most efficient way to address users’ cryptocurrency balances on the Platform and facilitate recovery for users," they wrote. Zettai operates WazirX in India.
The cyber attack on WazirX, which occurred on July 14, resulted in the theft of approximately $230 million (₹2000 crore) worth of cryptocurrency assets. In the aftermath, WazirX suspended all withdrawals, leaving users unable to access their funds and sparking widespread concern and frustration. The exchange resumed partial withdrawals last week.
According to a statement released by CoinSwitch, the company has approximately $9.7 million (Rs 81 crore) worth of assets on WazirX, including Rs 12.4 crore in INR, Rs 28.7 crore in ERC-20 tokens, and Rs 39.9 crore in other tokens. This represents about 2% of CoinSwitch's total funds, the exchange said, with the affected ERC20 tokens accounting for less than 1% of CoinSwitch's total assets.
CoinSwitch claims that despite regular attempts to contact WazirX since the incident, they have been unable to reach a satisfactory solution for retrieving the stuck funds. In response to the situation, CoinSwitch stated that it utilized its own treasury to make sure that it maintains at least a 1:1 ratio for every user's crypto holding on CoinSwitch and added that they hold funds 1.51 times the user assets invested through their platform.
CoinSwitch has assured its users that their funds remain safe and secure, emphasizing that the exposure to WazirX "has no impact on user balances." The spokesperson said the company plans to publish its proof of reserves for the second time this year to maintain transparency.
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