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Biggest crypto hacks in the world so far – from Binance to FTX

<ul><li>Last month, ED sleuths raided <keyword id="6672551" type="General" weightage="20" keywordseo="wazirx" source="Orion">WazirX</keyword>'s parent company <keyword id="14679518" type="General" weightage="80" keywordseo="zanmai-lab" source="Orion">Zanmai Lab</keyword> and froze assets worth Rs 64.67 crore. </li><li>The ED has been conducting an investigation of 16 fintech companies and Instant loan apps.</li><li>WazirX is India's largest crypto exchange and has over 12 million users.</li></ul> Crypto exchange WazirX on Monday said the <keyword id="6357808" type="General" weightage="80" keywordseo="enforcement-directorate" source="Orion">Enforcement Directorate</keyword> (ED) has allowed it to use its bank accounts after it cooperated with the investigators by providing them all the necessary details, information and documents of the alleged accused companies who used the WazirX platform. The company said in a statement that due to the active cooperation extended by WazirX and active anti-money laundering (AML) checks that led to the blocking of suspicious accounts, "ED has unfreezed the bank accounts of WazirX". "WazirX is now in a position to continue its banking operations as usual," said the crypto exchange. Last month, ED sleuths raided WazirX's parent company Zanmai Lab. It searched the premises and froze its bank assets worth ₹ 64.67 crore "for assisting accused instant loan App companies in laundering of fraud money via purchase and transfer of virtual crypto assets". The ED has been conducting an investigation of 16 fintech companies and Instant loan apps, some of them happened to use WazirX platform. The company clarified that it has no association with any of the alleged accused fintech and instant loan app entities which appear to be the subject of ED investigation and "is carrying out the <keyword id="12656622" type="General" weightage="20" keywordseo="kyc/aml" source="Orion">KYC/AML</keyword> checks despite having no legal obligation to do so". "WazirX is like any other intermediary whose platform may have been misused. After an in-depth internal investigation, WazirX noticed that most of the users whose information was sought by ED were already identified as suspicious by WazirX internally and were already blocked in 2020-2021," said the company. WazirX is India's largest crypto exchange and has over 12 million users. Several crypto exchanges are under the ED radar for their alleged involvement in money laundering of around ₹ 10 billion. Late last month, crypto exchange <keyword id="10245463" type="General" weightage="80" keywordseo="coinswitch-kuber" source="Orion">CoinSwitch Kuber</keyword>'s CEO Ashish Singhal said that the company fully cooperated with the ED officials in <keyword id="6354321" type="General" weightage="80" keywordseo="bengaluru" source="Orion">Bengaluru</keyword>, after reports surfaced that ED raided its premises over alleged money laundering under the Prevention of Money Laundering Act (PMLA), 2002. Singhal said that the company's engagement with the ED was not related to any money laundering inquiry. "Enforcement Directorate-Bengaluru has been engaged with us with respect to functioning of our crypto platforms/exchanges. We are fully cooperating with them," he had said in a tweet thread. ED recently froze crypto lending platform Vauld's bank assets worth ₹ 370 crore over its "predatory lending practices". SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/apps/news/how-will-the-search-message-by-date-work-on-whatsapp/articleshow/94145465.cms">WhatsApp may soon allow users to search messages by date — here’s how it will work</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/mensa-brands-acquires-myfitness-aims-to-turn-it-into-a-1000-crore-brand/articleshow/94146270.cms">Mensa Brands acquires MyFitness, aims to turn it into a ₹1,000 crore brand</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/tata-tiago-electric-car-to-launch-soon/articleshow/94147690.cms">Tata Tiago EV to launch soon – could be the cheapest EV from the car maker</a>

ED allows WazirX to use bank accounts frozen after raids

<ul><li><keyword id="6359140" type="General" weightage="100" keywordseo="binance" source="Orion">Binance</keyword> will cease to support off-chain fund transfers between WazirX Exchange and Binance via the "Login with Binance" option. </li><li>Post raid by ED on WazirX’s parent company <keyword id="12851812" type="General" weightage="50" keywordseo="zanmai-labs" source="Orion">Zanmai Labs</keyword>, CEO of Binance denied any ownership in the company. </li><li>WazirX is the largest <keyword id="2721952" type="General" weightage="50" keywordseo="crypto" source="Orion">crypto</keyword> exchange in India and its annual trading volume exceeded $43 billion in 2021. </li></ul>The world's largest crypto exchange Binance, which disowned the Nischal Shetty-run crypto platform WazirX, on Monday said that it is removing the off-chain fund transfer channel between WazirX and Binance. The crypto platform will cease to support off-chain fund transfers between WazirX Exchange and Binance via the "Login with Binance" option, <keyword id="3415524" type="General" weightage="50" keywordseo="patrick-hillmann" source="Orion">Patrick Hillmann</keyword>, Chief Communications Officer, Binance, said in a statement. "Users will still be able to deposit and withdraw balances via the standard withdrawal and deposit process between Binance and WazirX," he said. Last week, after the <keyword id="6357808" type="General" weightage="50" keywordseo="enforcement-directorate" source="Orion">Enforcement Directorate</keyword> (ED) raids on WazirX's parent company Zanmai Lab, <keyword id="6222251" type="General" weightage="50" keywordseo="changpeng-zhao" source="Orion">Changpeng Zhao</keyword>, Founder and CEO of Binance, had said that the company does not own any equity in Zanmai Labs, the entity operating WazirX and established by the original founders. The ED searched the director of WazirX cryptocurrency and froze its bank assets worth ₹64.67 crore "for assisting accused instant loan App companies in laundering of fraud money via purchase and transfer of virtual crypto assets". Referring to Zanmai Labs, Hillmann said, "In relation to their operations of the WazirX Exchange, it has come to our attention that some users were given to believe that funds deposited in WazirX were managed by Binance. This is not the case". Moving forward, Binance will support Indian regulators in the ongoing matters concerning WazirX. WazirX is the largest crypto exchange in India and its annual trading volume exceeded $43 billion in 2021. Shetty, co-founder of WazirX, disputed Binance's claims in a series of tweets last week. "More facts about WazirX: Binance owns WazirX domain name, Binance has root access to AWS servers, Binance has all the Crypto assets, Binance has all the Crypto profits. Don't confuse Zanmai and WazirX", he had tweeted. On November 21, 2019, Binance said it had "acquired" WazirX. "This transaction was never completed. Binance has never - at any point - owned any shares of Zanmai Labs, the entity operating WazirX," according to Zhao.

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