WazirX: Over the past six months, the exchange received 828 requests from law enforcement officers

The management of the Indian crypto exchange WazirX reported that from April to September 2022, it received 828 requests from the police and other security forces.

For comparison, from October 2021 to March 2022, the trading platform received 1023 requests from law enforcement officers. They requested information about the defendants against whom criminal cases were initiated and who were seen trading cryptocurrencies on this platform. In six months, the number of blocking user accounts has grown by almost 20%, WazirX CEO Nischal Shetty said earlier.

Of the 828 requests received by WazirX over the past six months, 764 came from Indian authorities and the remaining 64 from foreign law enforcement agencies. Most of the inquiries related to pyramid schemes, fake apps, phishing, and social engineering scams. Foreign requests were mainly related to wallet identification, asset freezes, temporary suspension of asset withdrawals, and monitoring of suspicious transactions.

The management of WazirX assured that it provides the authorized bodies with all the requested information in a timely manner – the average response time of the exchange specialists is about 18 minutes. In addition, based on the results of internal monitoring and at the request of the prosecutor’s office, the exchange blocked more than 700 accounts.

“We still have a lot of work to do to solve the security problem in the crypto industry. Raising awareness about cryptocurrencies should extend to their misuse. Only then will mass adoption of digital assets take place in a trusting atmosphere. We will continue to comply with regulatory requirements to combat cryptocurrency fraud,” Nischal Shetty promised.

Recall that in October, WazirX was forced to lay off about 40% of the staff due to the decline in the cryptocurrency market and the tightening of the policy of local regulators in relation to the industry.