Revealed WazirX Unveils Scandal of Covert Transfer of 75M to Bybit and KuCoin

Indian cryptocurrency exchange WazirX is facing serious allegations of secretly transferring $75 million to global exchanges, such as Bybit and KuCoin, without informing its users. This revelation comes after WazirX was reportedly hacked in July 2024, raising concerns about the exchange’s transparency and security.

WazirX is currently embroiled in legal proceedings, and as part of the process, they have provided 240,000 wallet addresses to the High Court of Singapore. However, many users and crypto asset holders in India are overwhelmed by the sheer amount of data and are unsure about the implications for their investments.

CoinSwitch, a major player that has funds deposited with WazirX, has taken action to protect its users. They used their own money to refund users after WazirX banned withdrawals and have filed a legal case against the exchange. In order to assist the crypto community, CoinSwitch has created a dashboard to analyze WazirX’s wallet data.

Through this dashboard, it was discovered that WazirX transferred $72.13 million to Bybit and $1.5 million to KuCoin without users’ consent. These unauthorized transfers have further damaged WazirX’s reputation and increased the pressure on the ongoing legal cases.

The secret fund transfers have shattered trust in WazirX, leaving affected users eager to recover their lost crypto assets and hold the exchange accountable. As the legal proceedings continue, the focus remains on reclaiming assets and seeking justice. The question now is whether WazirX’s reputation can ever be restored.