WazirX Users Shocked: $75 Million Transferred to Bybit and KuCoin!

The post WazirX Users Shocked: $75 Million Transferred to Bybit and KuCoin! appeared first on Coinpedia Fintech News

Recently, the connoisseurs of this Indian exchange accused it of siphoning off $75 million to large global exchanges such as Bybit and KuCoin ‘‘without the user’s knowledge”. This disclosure emerged only a few months after one of the leading Indian exchanges, WazirX was reportedly hacked in July 2024, adding to the existing questions about the platform’s transparency and security.

Legal Issues and Wallet Statements

Stuck in litigation processes, WazirX has recently shared 240,000 wallet addresses detailed in the affidavit filed with the High Court of Singapore. Despite that, users and holders of crypto assets, especially those in India, are currently overwhelmed with the sheer volume of data. Many investors in the country are still relatively new to crypto knowledge and do not yet know what this disclosure entails as it relates to their investment portfolio.

Coinswitch Steps In

WazirX’s major player, CoinSwitch, which has funds deposited in WazirX, disclosed that they had to use their own money to refund their users after WazirX banned withdrawals. CoinSwitch has filed a legal case for the same and, in the interest of the wider crypto community, has created a WazirX wallet leak data analysis dashboard.

$72 Million Transferred to Bybit and $1.5 Million to Kucoin

This is where it became easy to establish from this dashboard that WazirX had been siphoning off users’ money without their consent in the sum of $72.13 million to Bybit, and $1.5 million to KuCoin. 

Such covert fund transfers murk the reputation of this platform and escalate the legal proceedings against the exchange, further. While these happenings further bring down the trust on this platform, affected victims only wish to get back their precious crypto.

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