• During this time, around 700 accounts were blocked.
• Regulators submitted the most requests overall.
• WazirX's CEO and founder is Nischal Shetty.

According to the cryptocurrency exchange, WazirX has received 828 complaint requests from law enforcement organisations in India, including the National Investigation Agency (NIA), Enforcement Directorate (ED), and Central Bureau of Investigation (CBI), as well as the US Federal Bureau of Investigation (FBI) and Interpol, among other international agencies. 

Between April and September 2022, a total of 10 million transactions were the subject of the requests. According to a report issued by WazirX, the exchange kept its record of having a 100% compliance rate for all 828 requests received from Law Enforcement Agencies (LEA). The exchange published the third iteration of its Transparency Report on Monday. 

The report states that only 0.008% of all transactions during this time were reported to or looked into by law enforcement. Out of the 828 queries received, 764 were from Indian law enforcement organizations, while 64 came from foreign organizations.

 According to the report, Maharashtra's regulatory and law enforcement organisations submitted the most requests. The most frequent crimes reported were fraud, forgery, cheating, and illicit fund transfers, which are scams that are similar to those in the traditional financial sector. 

During this time, around 700 accounts were blocked. The majority of them resulted from user requests that were received. The third edition of the Information Report was released as part of its ongoing efforts to give users transparency and protect their investments.

The company's efforts to raise public awareness of Web3, aid law enforcement in detecting criminals, and build a foolproof onboarding procedure to assure user security are highlighted in the report. The National Investigation Agency, Enforcement Directorate, State Cyber Crime Cells, Intelligence Fusion & Strategic Ops (IFSO) Delhi, Special Task Force, Narcotics Control Bureau, Bhopal Police, Crime Branch and CID, Toronto Police Department, Federal Bureau of Investigation (FBI), German Police Agencies, United Kingdom Police, Interpol, Dutch Police, and Austrian Pol are a few of the law enforcement agencies that WazirX has collaborated with during this time. 

According to the survey, Ponzi schemes and social engineering scams account for about 40% of scams, while impersonation scams account for 34.7% of cases, phishing/airdrop scams account for 21.1% of cases, and other categories account for 4.2%. 

According to the article, in a recent case, the CBI was made aware of a Bitcoin racket being run out of Delhi after receiving a tip from the Austrian police. To inform their victims that their identities had been stolen and exploited for drug deals, imposters pretended to be Europol agents and representatives of other law enforcement organisations. 

For the same reason, the crooks would target foreign nationals. WazirX assisted Bhubaneswar Police in locating the crypto accounts of an engineer who withheld information about his investments in digital assets in one of the earliest disproportionate asset cases involving cryptocurrency. The team looked into him, and they found that he had around 50 cryptocurrency wallets, along with a $2 million investment.