Rival Exchange CoinSwitch Sues WazirX to Recover $9M in Trapped Funds
Jai serves as the Asia Desk Editor for Cryptonews.com, where he leads a diverse team of international reporters. Jai has over five years of experience covering the web3 industry.
As Indian crypto exchange WazirX reels from the massive $230 million hack, the rival exchange CoinSwitch is pursuing legal action to recover over $9 million in trapped funds.
CoinSwitch, which operates an exchange aggregator, posted on X that it has substantial assets stuck on WazirX’s platform, including fiat currency, ERC20 tokens, and other cryptocurrencies. Despite repeated attempts to reach a resolution with WazirX, CoinSwitch has been unable to recover the trapped funds.
The exchange further revealed that the affected funds represent a small portion of its total assets, with less than 1% directly impacted by the cyber attack. To ensure the stability of its platform and maintain a 1:1 ratio for user holdings, CoinSwitch is utilizing its own treasury reserves. CoinSwitch posted:
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 choice but to pursue legal action to recover the funds.
A note on CoinSwitch funds on WazirX – a thread
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