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WazirX Scandal Exposed: Secret $75M Transferred to Bybit and KuCoin

Story Highlights
  • Indian exchange WazirX has been accused of siphoning off $75 million to global exchanges without user knowledge.

  • WazirX is involved in legal proceedings and has shared 240,000 wallet addresses.

  • CoinSwitch, a major player in WazirX, used its own funds to refund users after withdrawals were banned. They filed a legal case.

WazirX, one of Indiaโ€™s top crypto exchanges, is facing new accusations of secretly moving $75 million to major global exchanges like Bybit and KuCoinโ€”without informing its users. This revelation comes just months after WazirX was reportedly hacked in July 2024, adding to ongoing concerns about the platformโ€™s transparency and security.

The deceit and manipulation get thicker and thicker. Here’s everything that went wrong.

Stuck in litigation processes, WazirX has recently shared 240,000 wallet addresses detailed in the affidavit filed with the High Court of Singapore. Despite that, users and holders of crypto assets, especially those in India, are currently overwhelmed with the sheer volume of data. Many investors in the country are still relatively new to crypto knowledge and do not yet know what this disclosure entails as it relates to their investment portfolio.

CoinSwitch Steps In

CoinSwitch, a major player that has funds deposited with WazirX, revealed that it had to use its own money to refund users after WazirX banned withdrawals. CoinSwitch has since filed a legal case and, for the benefit of the crypto community, created a dashboard to analyze WazirXโ€™s wallet data.

Millions Transferred Without User Permission

Through this dashboard, it was discovered that WazirX had transferred $72.13 million to Bybit and $1.5 million to KuCoin without usersโ€™ consent. These unauthorized transfers have damaged WazirXโ€™s reputation and added more pressure to the ongoing legal cases.

These secret fund transfers have further eroded trust in WazirX, leaving affected users anxious to recover their lost crypto. As legal proceedings continue, users are focused on getting back their assets and holding the exchange accountable.

Is WazirX’s reputation beyond repair? Tell us what you think.

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