CoinSwitch Launches Dashboard for Crypto Tracking

• Earlier this year, around 45% of the crypto asset holdings were lost by a known Indian cryptocurrency exchange as one of its multi-sig wallets came across a scam.
• After the scam, about 2% of CoinSwitch’s funds got stuck over the platform and now the firm has decided to take legal action in this matter.
• CoinSwitch has built a dashboard that will help them to look over these wallet addresses easily.

A Bitcoin and cryptocurrency exchange platform WazirX has transferred crypto assets worth stood at about $73.63 million to global exchanges such as Bybit and Kucoin. The co-founder and chief executive officer of CoinSwitch, Ashish Singhal has revealed that the decision has been made after a recent $230 million cyber attack. 

On October 21, the co-founder took a social media platform, X to mention that CoinSwitch has witnessed a transfer of crypto worth about $72.63 million from the top crypto exchange based in India. Out of the total amount, $72.13 million worth of crypto was transferred to Bybit, and around $1.5 million was transferred to KuCoin. 

Earlier this year, around 45% of the crypto asset holdings were lost by a leading crypto brokerage firm headquartered in India as one of its multi-sig wallets came across a scam. The exchange holds around 33% of crypto users’ accounts and balances over the platform in India which makes it the biggest crypto exchange platform in the country. 

As per the Singapore Court order, the company was asked to reveal addresses associated with 240,000 wallets as the headquarter of Zettai Pte is situated in Singapore, the parent company of the exchange

A dashboard will make the task easier

These addresses were confusing the users and they were not able to track their funds properly. To eliminate this problem, CoinSwitch created a dashboard through which users will be able to track as well as manage their funds which were linked to these wallet addresses. 

Singhal has also claimed that, We are going to take legal action against the crypto exchange platform to regain the funds. So, it becomes very necessary to study the information keenly shared by them. 

He further added that, for this, we have built a dashboard that will help us to look over these wallet addresses easily. Now, we are planning to launch the dashboard for normal people in the belief that it will give some benefits to crypto investors at a large scale. 

CoinSwitch to take legal action 

After the scam, about 2% of CoinSwitch’s funds got stuck over the platform and now the firm has decided to take legal action in this matter. In total, CoinSwitch held around Rs 12.4 crore. Rs 28.7 crore was held in ERC20 tokens and a worth of around Rs 39.9 crore was held in other tokens over the platform. 

Singhal further asked users to consider the dashboard as a piece of a complex puzzle that the company is still trying to puzzle out. Also, he mentioned that he can not share everything as he is bound because of the legal proceedings. 

And, he assured that he will try his level best to share what is necessary for the crypto community keeping in mind not to cross the boundaries.