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)
