WazirX blocked over 700 accounts during April-September 2022
1 min read . Updated: 28 Nov 2022, 03:34 PM IST
PremiumOut of 828 queries received, 764 were by Indian law enforcement agencies, whereas the foreign agencies made 64 requests.
Crypto exchange WazirX on Monday said that it has blocked over 700 accounts in the April-September 2022 period. The majority of them were due to requests that came in from users.
The crypto exchange has received 828 complaint requests from the United States Federal Bureau of Investigation (FBI), Interpol, among other international agencies, and Indian law enforcement agencies such as the National Investigation Agency (NIA), Enforcement Directorate (ED), and Central Bureau of Investigation (CBI).
The requests were received against a total of 10 million transactions during the time frame, said WazirX .
The exchange maintained its record of a 100 per cent compliance rate for all 828 requests received from Law Enforcement Agencies (LEA), said a report released by WazirX. The exchange on Monday released its third edition of the Transparency Report.
According to the report, only 0.008 per cent of all transactions during this period were reported/investigated by law enforcement agencies.
Out of 828 queries received, 764 were by Indian law enforcement agencies, while foreign agencies made 64 requests.
The most number of requests came in from regulators and law enforcement agencies in Maharashtra, it said. Illegal fund transfers, crypto scams, cheating, and forgery were the most common types of crimes reported, resembling scams in the traditional financial sector.
The report highlights the company's initiatives in boosting awareness about Web3, assisting law enforcement in identifying bad actors and implementing a full-proof onboarding process to ensure the security of users.
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"We have also outlined some common trends observed in Crypto scams over this time period which users should be aware of," it said.
"We still have some way to go to prevent security risks in Crypto. The level of awareness around Crypto needs to extend to its ill uses too. Only then can mainstream adoption take place in an environment of trust. We will continue our efforts to educate Indians about Crypto, and comply with regulators to ensure any form of fraud with virtual digital assets is tackled," Nischal Shetty, CEO and Founder at WazirX.
According to the report, around 40 per cent of the scams are happening in Ponzi schemes and social engineering scams, 34.7 per cent of cases of Impersonation type, 21.1 per cent of cases are in Phishing / Airdrop Scams and 4.2 per cent are in other categories.
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