CoinSwitch To File Lawsuit Against WazirX To Recover Stuck Funds

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SUMMARY

CoinSwitch said that it will be initiating a legal action against the crypto exchange to recover 2% of its trapped funds

The company cumulatively held INR 12.4 Cr and INR 28.7 Cr in ERC20 tokens, and INR 39.9 Cr in other tokens on WazirX

WazirX experienced a major security breach on July 18, resulting in withdrawals of approximately $234.9 Mn during the early European hours

Days after WazirX experienced $230 Mn crypto heist, cryptocurrency platform CoinSwitch said that it will be initiating a legal action against the crypto exchange to recover 2% of its trapped funds.

CoinSwitch said in a blogpost on Wednesday (August 28) that it cumulatively held INR 12.4 Cr and INR 28.7 Cr in ERC20 tokens, and INR 39.9 Cr in other tokens on WazirX.

“This amounts to about 2% of all funds of CoinSwitch. According to the WazirX claim, only ERC20 tokens were impacted in the alleged cyber attack. That translates to less than 1% of total CoinSwitch funds,” the blog post added.

WazirX experienced a major security breach on July 18, resulting in withdrawals of approximately $234.9 Mn during the early European hours.

The security breach impacted one of its wallets Safe Multisig on the Ethereum network, resulting in the loss of user funds.

CoinSwitch further said that WazirX failed to respond to its queries regarding the recovery of the funds that prompted them to pursue legal action.

“We have attempted to be in regular touch with WazirX since the day of the incident but have not been able to reach a solution to recover the funds that are stuck on their platform,” the blog post further said.

Inc42 has reached out to WazirX for comments on the development. The story will be updated based on the response.

(The story will be updated soon)





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We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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CoinSwitch To File Lawsuit Against WazirX To Recover Stuck Funds


SUMMARY

CoinSwitch said that it will be initiating a legal action against the crypto exchange to recover 2% of its trapped funds

The company cumulatively held INR 12.4 Cr and INR 28.7 Cr in ERC20 tokens, and INR 39.9 Cr in other tokens on WazirX

WazirX experienced a major security breach on July 18, resulting in withdrawals of approximately $234.9 Mn during the early European hours

Days after WazirX experienced $230 Mn crypto heist, cryptocurrency platform CoinSwitch said that it will be initiating a legal action against the crypto exchange to recover 2% of its trapped funds.

CoinSwitch said in a blogpost on Wednesday (August 28) that it cumulatively held INR 12.4 Cr and INR 28.7 Cr in ERC20 tokens, and INR 39.9 Cr in other tokens on WazirX.

“This amounts to about 2% of all funds of CoinSwitch. According to the WazirX claim, only ERC20 tokens were impacted in the alleged cyber attack. That translates to less than 1% of total CoinSwitch funds,” the blog post added.

WazirX experienced a major security breach on July 18, resulting in withdrawals of approximately $234.9 Mn during the early European hours.

The security breach impacted one of its wallets Safe Multisig on the Ethereum network, resulting in the loss of user funds.

CoinSwitch further said that WazirX failed to respond to its queries regarding the recovery of the funds that prompted them to pursue legal action.

“We have attempted to be in regular touch with WazirX since the day of the incident but have not been able to reach a solution to recover the funds that are stuck on their platform,” the blog post further said.

Inc42 has reached out to WazirX for comments on the development. The story will be updated based on the response.

(The story will be updated soon)





Source link

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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