Indian cryptocurrency exchange CoinSwitch announces legal action against WazirX

ChainCatcher news, Indian cryptocurrency exchange CoinSwitch announced on X day that it will take legal action against competitor WazirX to recover approximately $9.6 million in assets that have been trapped since WazirX suffered a $230 million cyber attack in July, during which WazirX lost about 45% of its funds.

CoinSwitch stated that it had "no choice" but to take legal measures, as its efforts to recover these funds (which account for about 2% of its total assets) have been unsuccessful. WazirX is also facing potential asset freezes in India due to a petition submitted on August 3, requesting the National Company Law Tribunal to investigate possible fraud by the company.