WazirX Receives 1023 Requests for Data from Law Enforcement

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WazirX Receives 1023 Requests for Data from Law Enforcement
18 May 2022
6 min read

News Synopsis

Between October 2021 and March 2022, the Indian crypto exchange WazirX got 1023 inquiries from law enforcement authorities. 952 of these demands were from Indian Law Enforcement Agencies, while 71 came from foreign bodies, according to the company's transparency report for the period. From the prior period, the total number of requests nearly tripled.

WazirX produces a transparency report for its platform every six months on its own initiative. Only 377 inquiries from law enforcement agencies around the world were received by the corporation from April to September last year. 1023 requests were received between October 2021 and March 2022, all of which were related to criminal activity. The exchange answered in 22 minutes, despite the fact that the specified response time is 72 hours from the time asked.

According to the survey, 95% of crypto-related frauds originate from outside the On-Chain Crypto Ecosystem. Crypto ponzi schemes accounted for 40% of the frauds, according to WazirX, while phishing scams accounted for 25%. Impersonation schemes and identity thefts accounted for 25% and 5% of all cases, respectively.

The material in WazirX's research indicates a growing issue among cryptocurrency enthusiasts: crypto crimes. According to blockchain surveillance firm Chainalysis, such crimes reached an all-time high of $14 billion in 2021. The business stated in a January 2022 report that the figure was $7.8 billion in 2020.

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