WazirX Scandal Exposed: Secret $75M Transferred to Bybit and KuCoin
Elena R21 Oct 20241 min read
WazirX, one of India’s top crypto exchanges, is facing new accusations of secretly moving $75 million to major global exchanges like Bybit and KuCoin—without informing its users. This revelation comes just months after WazirX was reportedly hacked in July 2024, adding to ongoing concerns about the platform’s transparency and security.
The deceit and manipulation get thicker and thicker. Here’s everything that went wrong.
Legal Trouble for WazirX
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
CoinSwitch, a major player that has funds deposited with WazirX, revealed that it had to use its own money to refund users after WazirX banned withdrawals. CoinSwitch has since filed a legal case and, for the benefit of the crypto community, created a dashboard to analyze WazirX’s wallet data.
Millions Transferred Without User Permission
Through this dashboard, it was discovered that WazirX had transferred $72.13 million to Bybit and $1.5 million to KuCoin without users’ consent. These unauthorized transfers have damaged WazirX’s reputation and added more pressure to the ongoing legal cases.
These secret fund transfers have further eroded trust in WazirX, leaving affected users anxious to recover their lost crypto. As legal proceedings continue, users are focused on getting back their assets and holding the exchange accountable.
Is WazirX’s reputation beyond repair? Tell us what you think.
