CoinSwitch Co-Founder Accuses WazirX of Moving $75M to Bybit and KuCoin After Hack

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CoinSwitch Co-Founder Accuses WazirX of Moving $75M to Bybit and KuCoin After Hack In a serious allegation within the Indian cryptocurrency ecosystem, Ashish Singhal, co-founder of crypto exchange CoinSwitch, has accused rival exchange WazirX of transferring $75 million in user funds to other crypto exchanges, Bybit and KuCoin, following a cyberattack in July 2024.

If proven true, such actions could have severe repercussions for WazirX‘s reputation and the broader trust in Indian crypto exchanges.“Accusations of fund diversion following a cyberattack are serious and warrant thorough investigation.

As the cryptocurrency market continues to evolve, incidents like these emphasize the need for robust security measures, transparent financial operations, and stringent regulatory oversight to protect investors and ensure the sustainability of digital asset platforms.

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Article Details

Author / Journalist: Sonam Aggarwal

Category: Crypto

Markets: India

Topics: Crypto News Coinswitch

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-10-21 @ 13:52:25 (14 hours ago)

News Timezone: GMT +8:00

News Source URL: bitcoinworld.co.in

Language: English

Article Length: 743 words

Reading Time: 5 minutes read

Sentences: 33 lines

Sentence Length: 23 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © BitcoinWorld

News ID: 23155471

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About BitcoinWorld

Main Topics: Crypto

Official Website: bitcoinworld.co.in

Update Frequency: 21 posts per day

Year Established: 2020

Headquarters: India

News Last Updated: 12 hours ago

Coverage Areas: India

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