WazirX Review: After the $230M Hack

⚠️ CRITICAL WARNING: WazirX suffered a $235 million hack on July 18, 2024. Withdrawals remain suspended or severely restricted as of early 2026. Do not deposit new funds on WazirX. See CoinDCX for the recommended Indian exchange alternative.

⚠️ Disclosure: CoinCodeCap may earn a commission via links in this article. This never affects editorial independence. Crypto is high-risk. Never invest more than you can afford to lose.

WazirX was India’s largest crypto exchange — until July 18, 2024, when everything changed. Approximately $235 million was stolen in one of the biggest crypto hacks of the year, attributed to North Korea’s Lazarus Group. What followed was worse than the hack itself: withdrawals were suspended, legal restructuring began, and millions of Indian users found their funds locked. This review covers what happened, current status, and where to go instead.

🔑 Key Takeaways

• WazirX lost $235 million on July 18, 2024 — attributed to North Korea’s Lazarus Group.
• Unlike Bybit’s 2025 recovery (full coverage in 72 hours), WazirX suspended withdrawals and entered Singapore court restructuring.
• Fund recovery is ongoing as of early 2026 — timeline is uncertain; check WazirX’s official channels.
• Indian users looking for an active alternative should use CoinDCX (FIU-IND regulated) or ZebPay (India’s oldest exchange).
• Do not deposit new funds on WazirX until full operational status is confirmed from official sources.

The July 2024 $235M Hack: What Actually Happened

On July 18, 2024, attackers compromised WazirX’s Gnosis Safe multisig wallet. Here’s how it worked: during what appeared to be a routine transaction, attackers replaced WazirX’s legitimate Safe implementation with a malicious contract. This gave them control to drain approximately $235 million in ETH, SHIB, MATIC, PEPE, and other assets.

Multiple blockchain intelligence firms attributed the attack to North Korea’s Lazarus Group — the same group linked to the Bybit February 2025 hack ($1.5B) and the Ronin Bridge 2022 hack ($625M). The Lazarus Group specializes in exactly this type of multisig wallet manipulation attack.

The fundamental problem with WazirX’s response vs Bybit’s: Bybit had the reserves to cover $1.5B in losses immediately, imposed no withdrawal restrictions, and fully restored operations within 72 hours. WazirX didn’t have the reserves to cover $235M — forcing them into Singapore High Court restructuring to manage a fair distribution of remaining assets among affected users.

⚠️ Important: WazirX also entered a dispute with Binance over custody of the USDT wallet — Binance had previously held a portion of WazirX’s assets under a partnership arrangement. This dispute complicated the recovery process and the question of which entity was responsible for the compromised funds.

WazirX Recovery Status (2025–2026)

WazirX filed for restructuring in Singapore’s High Court in late 2024. The restructuring process involves a phased distribution schedule intended to distribute remaining and recovered assets fairly among affected users. As of early 2026, the process involves ongoing legal proceedings and a partial distribution schedule — but the full timeline and recovery percentages are not publicly confirmed.

If you had funds on WazirX at the time of the hack: monitor WazirX’s official website, their Singapore restructuring filings, and official email communications. These are the only authoritative sources for recovery timeline and distribution information. Do not trust third-party claims about recovery amounts or timelines.

Best Alternatives for Indian Crypto Users

Feature	WazirX	CoinDCX	ZebPay
Current Status	⚠️ Restructuring	✅ Fully active	✅ Fully active
INR Support	Suspended	UPI, NEFT, IMPS ✅	UPI, bank transfer ✅
FIU-IND Registered	Yes	Yes ✅	Yes ✅
Coins	300+ (pre-hack)	400+ ✅	~200
Founded	2018	2018	2014 (oldest) ✅
Review	This article	Click here	Click here

💡 Expert Tip: CoinDCX is the most direct WazirX replacement — same INR market, FIU-IND regulated, 400+ assets, clean operational history. If you’re moving from WazirX, start there. ZebPay is the more conservative option with a 12-year track record if you primarily hold BTC/ETH.

WazirX’s Pre-Hack Strengths (Historical Context)

Before July 2024, WazirX was India’s dominant exchange for real reasons. It had the deepest INR liquidity, 300+ coins with direct INR pairs, P2P trading for fiat access, and a straightforward onboarding process that made it the first exchange for millions of Indian crypto users. The platform navigated India’s 30% crypto tax (2022) and 1% TDS requirement without losing its user base — a genuine operational achievement. WazirX’s pre-hack reputation was earned through actual product execution, not marketing.

Frequently Asked Questions

Can I still withdraw from WazirX?

As of early 2026, withdrawals remain restricted or suspended for affected users. Verify current status directly at WazirX’s official website and monitor their official communications — this situation is evolving and we cannot confirm current withdrawal availability.

When will WazirX users get their money back?

WazirX filed for restructuring in Singapore’s High Court. A phased distribution schedule is in progress, but specific timelines and recovery percentages are not publicly confirmed. Check WazirX’s official restructuring communications for the most current information.

Which exchange should I use instead of WazirX?

CoinDCX is the most direct alternative — FIU-IND regulated, 400+ INR-paired assets, UPI/NEFT support, and no major security incidents since 2018. ZebPay is the conservative choice with a 12-year track record.

Was the WazirX hack caused by WazirX or Binance?

The attack exploited WazirX’s own multisig wallet setup — specifically a Gnosis Safe implementation that was manipulated during a transaction. Binance disputed responsibility for assets held under their partnership custody arrangement. Both entities were in legal dispute over the custody question as of early 2026.