CoinSwitch Plans Lawsuit Against WazirX Over 'Stuck Funds'

IconCryptoNewsTerminal Staff29 Aug, 2024

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CoinSwitch Plans Lawsuit Against WazirX Over 'Stuck Funds'

CoinSwitch, a prominent Indian cryptocurrency exchange, has announced its plan to file a lawsuit against WazirX. The decision comes after CoinSwitch's repeated attempts to retrieve funds stuck on WazirX proved unsuccessful. According to Cointelegraph, a reputable industry publication, CoinSwitch has stated that the funds currently held on WazirX constitute approximately 2% of its total assets. Despite persistent efforts to recover these funds, WazirX has reportedly failed to respond adequately. CoinSwitch has been left with no choice but to pursue legal action to safeguard its interests and protect its customers' assets. The lawsuit will likely focus on WazirX's alleged failure to fulfill its contractual obligations and its responsibility to ensure the safekeeping of user funds. This development adds to the ongoing regulatory scrutiny surrounding WazirX, which has been embroiled in controversies regarding its corporate structure and alleged involvement in financial irregularities. As the legal proceedings unfold, the outcome will have significant implications for the cryptocurrency industry in India and beyond.

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