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CoinSwitch To File Lawsuit Against WazirX To Recover Stuck Funds
Inc42
·
11m ago
Medial
CoinSwitch, a crypto exchange, has announced that it will take legal action against WazirX, another crypto exchange, in order to recover 2% of its funds that are currently held by WazirX. CoinSwitch had a total of INR 12.4 Cr and INR 28.7 Cr in ERC20 tokens, and INR 39.9 Cr in other tokens on WazirX. WazirX suffered a security breach on July 18, which led to the withdrawal of around $234.9 Mn in the early European hours.
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CoinSwitch Alleges WazirX Moved Crypto Worth $73 Mn Post Data Breach
Inc42
·
9m ago
Medial
CoinSwitch's CEO, Ashish Singhal, has criticized cryptocurrency exchange WazirX for its handling of fund transfers to other exchanges. Singhal raised concerns about the financial stability of WazirX, while a spokesperson from WazirX stated that they have implemented measures to track their wallet addresses in real-time. CoinSwitch has expressed its intention to take legal action against WazirX in order to recover the deposited funds.
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Crypto’s legal tangles seem as mystifying as digital asset itself
Economic Times
·
11m ago
Medial
Users of the troubled cryptocurrency platform WazirX have discovered that they are considered "unsecured creditors" of the Singapore company Zettai. The relationship between WazirX and Zettai is complex, but it has come to light that some of the platform's top users are seeking to protect their privacy. The lack of clear regulation around cryptocurrencies has made it difficult for WazirX users to determine how long it will take to recover their funds or which cryptocurrencies can be salvaged. The platform is now looking for a "white knight" to provide rescue financing.
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WazirX announces $23 mn bounty to recover $234 mn lost in cyber breach
Internet
·
1y ago
Medial
WazirX Announces $23 Million Bounty to Recover Stolen $234 Million. Crypto platform WazirX, which recently lost $234 million in a cyber breach, has announced a $23 million bounty to recover the stolen assets. The bounty program, active for three months, invites white hat hackers, blockchain forensics experts, and cybersecurity professionals to aid in the recovery. WazirX's founder, Nischal Shetty, emphasizes the importance of community expertise in achieving this critical objective.
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WazirX To Reopen INR Balance Withdrawals Starting Aug 26
Inc42
·
11m ago
Medial
Indian cryptocurrency exchange, WazirX, has announced that users will only be able to access 66% of the funds in their wallets. The remaining 34% of INR balances are currently frozen due to ongoing disputes and investigations by enforcement agencies. WazirX plans to file an application in the High Court of Singapore to allow the platform time to pursue a restructuring under a scheme of arrangement.
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Victims of WazirX hack plan class action in India after Singapore moratorium
Livemint
·
9m ago
Medial
Users affected by the recent $233 million hack of cryptocurrency exchange WazirX are planning to sue the platform for damages. Two petitions have already been filed in the Delhi High Court, and a class-action lawsuit is expected to be filed in the National Consumer Disputes Redressal Commission (NCDRC) by mid-November. The lawsuit will argue that WazirX's agreement was with its India-based holding arm, and the exchange's move to file for legal resolution and restructuring in Singapore through its parent firm is unjustifiable. The suit aims to seek the recovery of crypto assets worth over ₹5 crore ($600,000).
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Why WazirX will find it hard to recover stolen cryptos even with $23 mn bounty
Livemint
·
1y ago
Medial
Indian cryptocurrency exchange WazirX is offering a $23m bounty to white hat hackers and cybersecurity professionals to help recover over $230m worth of digital assets stolen from one of its wallets. The hack occurred earlier this month, with the attackers bypassing the security measures of a multisig crypto wallet. WazirX has alleged that the compromised wallet was managed using Liminal’s infrastructure, while Liminal has blamed WazirX and claimed that the hack originated from within the exchange's systems. The bounty is one of the largest offered in the crypto industry and will be active for three months.
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Apple Pay to face antitrust lawsuit by payment card issuers
Economic Times
·
1y ago
Medial
Apple Pay to Face Antitrust Lawsuit by Payment Card Issuers A group of payment card issuers in the US including JP Morgan Chase, Citigroup, and Bank of America, are reportedly planning to file an antitrust lawsuit against Apple over the restrictions imposed on mobile payment competition. The lawsuit alleges that Apple's policies, which prevent issuers from accessing the NFC technology on iPhones, result in stifling competition and limiting customer choice.
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India's crypto firm CoinSwitch announces umbrella brand PeepalCo
IndianStartupNews
·
1y ago
Medial
Indian cryptocurrency exchange CoinSwitch has revealed the launch of PeepalCo, an umbrella brand that will expand its operations into the wealthtech sector. PeepalCo will include various business segments, including the core crypto retail app CoinSwitch, the advanced trading platform CoinSwitch PRO, and a forthcoming platform for new investment classes. The restructuring aims to ensure agility and innovation while adhering to compliance and regulatory standards. Backed by prominent investors, PeepalCo aims to serve 19 million Indians with its highly-regulated investment products, such as fixed deposits, bonds, ETFs, stocks, and mutual funds.
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Video call screensharing error gets Nvidia sued over 'stolen trade secrets'
Economic Times
·
1y ago
Medial
Automotive technology company Valeo has filed a lawsuit against graphics chip giant Nvidia, alleging that Nvidia saved millions of dollars by using stolen trade secrets. The lawsuit claims that during a video call screen-sharing session, a senior staff member from Nvidia mistakenly displayed a file from Valeo, proving he stole its tech secrets. Valeo accuses the employee and Nvidia of undermining their hard work and innovation, seeking injunctive relief and damages for trade secret misappropriation. Nvidia has not yet responded to the lawsuit.
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WazirX seeking capital to return funds stolen in ₹1,965-cr hack
Internet
·
11m ago
Medial
WazirX is seeking capital to return users' funds that were lost after the crypto exchange suffered a ₹1,965-crore hack. WazirX said in a virtual press conference that restructuring of its crypto balances will take at least six months and 55% of users' balances will be returned to them. "About 45% [funds] will be required as restructuring costs," the exchange said.
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