WazirX Secretly Transfers $75M: Uncovering The Mystery

WazirX Secretly Transfers $75M To Bybit And KuCoin: What Does It Mean?

WazirX users are reeling after discovering that the exchange allegedly transferred $75 million to global platforms like Bybit and KuCoin without their consent. This revelation raises serious concerns about the platform's transparency and security practices amid ongoing legal troubles.

WazirX Secretly Transfers $75M 

In a shocking development, WazirX, one of India’s leading cryptocurrency exchanges, has been accused of secretly transferring $75 million to major exchanges, including Bybit and KuCoin. This claim emerged just months after WazirX reportedly suffered a hack in July 2024, intensifying scrutiny over its operations.

The details surfaced when WazirX disclosed 240000 wallet addresses in an affidavit filed with the High Court of Singapore. However, many users, particularly those new to cryptocurrency, are struggling to understand the implications of this massive disclosure. The sheer volume of data provided has left many investors overwhelmed and uncertain about the status of their assets.

CoinSwitch, a major player in the Indian crypto market and a holder of funds on WazirX, has taken matters into its own hands. After WazirX halted withdrawals, CoinSwitch disclosed that it had to use its own funds to refund affected users. 

They have also filed a legal case against WazirX to recover their lost assets and have created a dashboard to analyze the leaked wallet data, aiming to assist other users in understanding the situation.

Further analysis from this dashboard revealed that WazirX had funneled $72.13 million to Bybit and $1.5 million to KuCoin. These covert fund transfers have tarnished WazirX’s reputation, raising further questions about the exchange's trustworthiness. As legal proceedings continue, affected users are left anxious and frustrated, hoping to recover their lost cryptocurrency.

Conclusion

The situation at WazirX serves as a cautionary tale for cryptocurrency users, emphasizing the importance of transparency and security in crypto exchanges. Users are demanding answers and the return of their funds amidst growing legal challenges.

Read More: India Probes WazirX Over $235M Hack:Insider Involvement