⚠ Security Incident Warning
In July 2024, WazirX suffered one of crypto's largest exchange hacks — approximately $230 million USD (nearly 45% of customer funds) was stolen from its Safe multisig wallet, attributed to the North Korean Lazarus Group. WazirX suspended INR and crypto withdrawals following the hack. Recovery proceedings and restructuring are ongoing. Users should exercise extreme caution and verify the current withdrawal/recovery status before engaging with the platform.
WazirX was one of India's most popular cryptocurrency exchanges, founded in 2018 and previously backed by Binance. With over 10 million registered users and deep INR integration, WazirX dominated Indian retail crypto trading until the devastating July 2024 security breach that fundamentally compromised user funds. The exchange's future and recovery timeline remain uncertain.
About WazirX
Founded in 2018 by Nischal Shetty, WazirX grew rapidly to become one of India's top two crypto exchanges alongside CoinDCX. The platform was acquired by Binance in 2019, though the ownership relationship was disputed and effectively dissolved prior to the 2024 hack. WazirX was registered with India's FIU-IND as a Virtual Asset Service Provider. The July 2024 hack — believed to be executed by the Lazarus Group through a compromised multisig signing process — resulted in $230 million in losses from WazirX's Ethereum-based Safe wallet.
Key Facts
| Item | Details |
|---|---|
| Founded | 2018 |
| HQ | Mumbai, India |
| Regulation | FIU-IND registered |
| Users (pre-hack) | 10 million+ |
| Hack (July 2024) | ~$230M — Lazarus Group |
| Status | Recovery/restructuring ongoing |
| Fiat | INR (suspended post-hack) |
The July 2024 Hack
The July 2024 breach targeted WazirX's Ethereum multisig wallet managed through Safe (formerly Gnosis Safe). Attackers — attributed to North Korea's Lazarus Group by blockchain forensics firms — manipulated the signing interface to have WazirX signers approve malicious transactions. Approximately $230 million in ETH, SHIB, MATIC and other tokens were drained. This represented approximately 45% of WazirX's total customer holdings at the time.
Pros & Cons
Historical Strengths
- 10M+ registered Indian users
- Deep INR UPI integration
- FIU-IND registered
- Wide coin selection pre-hack
Current Concerns
- $230M hack — 45% of customer funds lost
- Withdrawals suspended post-hack
- Recovery timeline uncertain
- Significant trust damage
- Not recommended for new deposits
Summary
WazirX's July 2024 hack fundamentally changed its standing in the Indian crypto market. While historically a leading Indian exchange with strong INR integration and a large user base, the loss of approximately $230 million in customer funds makes WazirX a high-risk platform until full recovery and withdrawal restoration is confirmed. Indian investors seeking regulated INR-based crypto trading should consider CoinDCX or ZebPay as established alternatives while WazirX's recovery proceeds.