CoinSwitch has reported holding a significant amount of funds in Proof of Reserves, while facing challenges due to a cyber attack on WazirX.
The incident, which occurred in July 2024, resulted in WazirX losing a significant portion of its crypto holdings.
As a result, WazirX is restructuring its operations to help affected users recover their funds.
CoinSwitch is also taking legal action against WazirX to reclaim a portion of its funds that are currently inaccessible.
Prior to the hack, CoinSwitch had held funds in INR, ERC20 tokens, and various other tokens on the WazirX platform.