In response to last month’s $230 million hack, cryptocurrency exchange aggregator CoinSwitch declared that it is suing WazirX to recover 2% of its funds that are still on the exchange.

Its entire holdings on WazirX were 12.4 crore INR, along with 28.7 crore ERC20 tokens and 39.9 crore other tokens, according to CoinSwitch.

CoinSwitch said, “This amounts to about 2% of all funds of CoinSwitch. According to the WazirX claim, only ERC20 tokens were impacted in the alleged cyberattack. That translates to less than 1 % of total CoinSwitch funds.”

Nearly 45% of WazirX’s holding assets were lost as a result of a serious security breach that occurred in one of its multisig wallets on 18 July. It then stopped accepting Bitcoin withdrawals and trading on its platform. WazirX has only partially opened up INR withdrawals earlier last week.

CoinSwitch added, “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.”

WazirX, on the other hand, announced on 28 August that it had applied for a moratorium under section 64 of the Insolvency, Restructuring and Dissolution Act 2018 to give me some time to reorganise my debts in a Singaporean court through its affiliated firm Zettai Pte.

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