CoinSwitch's lawsuit against WazirX underscores the severe financial impact of a cyberattack that compromised $230 million in digital assets, with significant implications for the entire cryptocurrency market.
WazirX's proposed 'socialized loss' plan to recover funds from its user base raises eyebrows, particularly as CoinSwitch reveals it has around ₹810 million trapped on the exchange's platform.
Despite efforts, CoinSwitch has not reached a resolution with WazirX regarding the recovery of its trapped funds, indicating ongoing tension between the two rival exchanges.
WazirX's filing for a moratorium to restructure and allocate funds among its users as unsecured creditors is set to take at least six months, revealing the magnitude of the crisis.
Collection
[
|
...
]