The hacker’s wallet, initially holding $6.7 million, now retains only $154,000, as observed by DeBank, a crypto tracking platform. The swift movements have raised concerns within the crypto community, particularly regarding the effectiveness of sanctions on Tornado Cash.

In a bid to maintain user trust, WazirX announced that it has expedited the withdrawal process for Indian Rupee (INR) balances. Starting September 3, users can withdraw up to 66% of their INR balances, one week ahead of the previously scheduled date. This move comes as part of a staggered plan aimed at restoring normal financial operations following the devastating exploit on July 18.

However, WazirX has disclosed that 34% of INR-denominated balances remain frozen due to ongoing investigations, emphasizing that legal complexities surrounding crypto withdrawals persist. The exchange is also pursuing legal restructuring in Singapore to safeguard its operations during this turbulent period.

WazirX’s proactive measures reflect its commitment to restoring user confidence amid ongoing legal and financial challenges. The situation continues to evolve as authorities investigate the ramifications of the massive exploit and the hacker’s latest laundering attempts.

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The notice was issued as a part of the ongoing investigation into the overseas Chinese operated illegal online betting Applications. In the notice, the regulatory body has also named the company Zanmai Labs Pvt Ltd that operates the WazriX exchange and has also mentioned the names of its directors Nischal Shetty and Hanuman Mhatre. In 2019, the exchange platform was acquired by Binance, the world’s biggest cryptocurrency exchange by volume.

In their statement the ED said: ”During the investigation, it was seen that the accused Chinese nationals had laundered proceeds of crime worth ₹57 Crore (approx $8 million) approximately by converting the INR deposits into Crypto-currency Tether (USDT) and then transferring the same to Binance (exchange registered in the Cayman Islands) Wallets based on instructions received from abroad.”

As India is mulling cryptocurrency regulation, the popularity of the top decentralized tokens has soared in the country. However, money laundering and scams are one of the biggest concerns of the authorities.

The post India’s Enforcement Directorate (ED) Issues Notice To The Country’s Biggest Crypto Exchange Over Allegations Of Money Laundering appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.

According to the source, the decision of the government to issue the mandate was welcomed by experts in the industry. That is because a step to regulating cryptocurrency transactions could provide an alternative solution to the full ban on crypto.

The Indian government has been discussing the introduction of a bill to ban cryptocurrencies. In particular, the ban would prohibit any activities with crypto such as holding, buying, selling, mining, and so on. Those violating the rules would receive a fine or up to 10 years imprisonment, The Entrepreneur writes.

Despite the possibility of a ban, cryptocurrencies are popular in India. The country’s largest crypto exchange WazirX has a 24-hour trading volume of over $97 million at the time of writing, per CoinMarketCap.com data. In addition, cryptocurrency exchange Coinbase has recently announced setting up operations in India.

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