BENGALURU: Cryptocurrency exchange CoinSwitch, which has Rs 12.4 crore in INR, Rs 28.7 crore in ERC20 tokens, and Rs 39.9 crore in other tokens on WazirX, will take legal action to recover the funds. This amounts to about 2% of all funds of CoinSwitch.
This legal action came at a time when WazirX moratorium application was filed in Singapore Court. “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. Our efforts have not come to fruition,” CoinSwitch said. A cyberattack on WazirX recently led to theft of about Rs 2,000 crore funds.
“As per WazirX claim, only ERC20 tokens were impacted in the alleged cyberattack. That translates to less than 1 % of total CoinSwitch funds. As an exchange aggregator, CoinSwitch maintains a small amount of liquidity on third-party crypto exchanges (7%), and this is to ensure seamless trading for our users,” CoinSwitch added. Meanwhile, Zettai, which operates crypto assets of WazirX, has filed an application with the High Court of Singapore for a moratorium under section 64 of the Insolvency, Restructuring and Dissolution Act 2018.