CoinSwitch To File Lawsuit Against WazirX To Recover Stuck Funds

- WazirX's parent company Zettai Pte filed moratorium application in Singapore High Court on August 27 - Move seeks 'breathing space' for restructuring liabilities under scheme of arrangement - Application follows $234.9M crypto heist last month, representing 45% of user funds - Company plans to allocate impact of cyberattack pro-rata across users as unsecured creditors - WazirX expects at least six months to consider restructuring plan and work with stakeholders Source: [Inc42](https://inc42.com/buzz/wazirx-files-moratorium-application-before-singapore-court)

- WazirX customers unlikely to recover full funds after $234 million hack in July, says legal adviser. - At least 43% of customer funds are unlikely to be recovered, with best case scenario being a return of 55% to 57%. - WazirX seeks six months' protection from Singapore High Court while restructuring liabilities. - Company in talks to share profit from revenue-generating products but no concrete details provided. - Pressure mounts as CoinSwitch initiates legal action to recover $9.7 million worth of assets stuck on WazirX's platform. Source: [Techcrunch](https://techcrunch.com/2024/09/02/customers-of-indian-crypto-exchange-wazirx-unlikely-to-recover-full-funds/)

I think this is CoinSwitch Kuber and WazirX, but I could be wrong. But to be safe, if you have money there, you should leave. If anybody has figured a good way to do this process, can you please share as well?

Crypto experts need your take on below 1) Best platform for crypto trading in India? 2) Best crypto to invest in? Ethereum is my best bet due to its underlying applicability. 3) Is now a good time to invest in crypto?

- The FBI has reached out to WazirX to investigate the cyberattack, allegedly involving North Korean hackers, as the firm continues its recovery efforts." - WazirX's proposed recovery strategy following a $230-million hack has been met with criticism from both customers and crypto influencers. - The exchange revealed that 45% of its holding assets were lost in the breach, prompting a 55/45 approach to asset access and trading. - Customers can vote on two proposed recovery options until August 3, but many find the 55/45 strategy unfair. - Under the plan, 45% of remaining tokens will be converted to stablecoins (USDT) and locked, potentially reducing overall portfolio value. - The exchange briefly restarted trading, allowing access to 55% of portfolio tokens regardless of whether assets were stolen. Source: Moneycontrol, Techcrunch

I used to use coinbase but they don't let you buy and no longer accept sign ups. What are my other reliable options. Also thinking of buying a cold storage wallet because "Not your keys, No your Coins".

I used to invest in cryptos using wazix. But they stopped taking investment directly from bank account so switched to Coinswitch recently. Is it safe to invest using it? Thoughts. I am investing 3% of my salary every month.

- WazirX, one of India's largest cryptocurrency exchanges, has temporarily suspended all trading activities after losing about $230 million in a security breach. - The cyber attack compromised WazirX's ability to maintain a 1:1 collateral ratio with assets, raising concerns about the adequacy of its reserves. - Customer withdrawals were suspended after an attacker accessed one of the exchange's multi-signature wallets, which was protected by six signatories. - WazirX announced a bounty program of up to $23 million to recover the stolen assets, with risk-management platform Elliptic linking the attacker to North Korea. - The breach is significant, as WazirX reported holdings of about $500 million in its June proof-of-reserves disclosure, calling the event a 'force majeure.' Source: Techcrunch, Moneycontrol

So basically to make the losses to others ‘equitable’ I’ll only get 55% of my holdings? Looks like WazirX is playing Robin Hood in reverse - stealing from everyone to give to... well, themselves probably. What the fuck - how’s this legal?