⚠️ Affiliate Disclosure: CoinCodeCap may earn a commission when you sign up through links on this page. This doesn’t change our editorial views. Risk Disclaimer: WazirX restarted operations in October 2025 after a major hack. Read the full security section before using this exchange.
📋 How We Review: We score exchanges on fees (30%), security (25%), coin selection (20%), user experience (15%), and customer support (10%). All information verified against primary news sources and official WazirX communications. We don’t take payment to change verdicts.
WazirX was India’s largest crypto exchange by volume before July 18, 2024 — the day North Korean Lazarus Group hackers stole $234.9 million from its multi-signature wallet. The hack froze withdrawals for 6.6 million users and triggered 16 months of legal proceedings, creditor votes, and Singapore court-supervised restructuring. On October 24, 2025, WazirX officially restarted trading after 95.7% of creditors approved a restructuring scheme. By January 9, 2026, Recovery Tokens were credited to all eligible users.
⚡ TL;DR — WazirX
India’s largest crypto exchange (pre-hack). Restarted October 2025 after a 16-month shutdown following the largest crypto hack in Indian history.
- ⭐ Rating: 2.5/5 — restarted post-hack; significant trust rebuilding needed
- 💰 Fees: Zero fees at restart · ongoing fee structure announced later
- 🚨 July 2024 hack: $234.9M stolen (Lazarus Group) · 16-month shutdown · 6.6M users locked out
- ✅ Oct 13, 2025: Singapore High Court approved restructuring scheme (95.7% creditor approval)
- ✅ Oct 24, 2025: Trading restarted · ~85% of user balances returned
- ✅ Jan 9, 2026: Recovery Tokens credited to all eligible users (15% shortfall, tradeable until 2028)
- 🔐 Security: BitGo institutional custody post-restart · FIU-registered India
- ⚠️ Caveat: Only ~$3M of $235M stolen recovered from hackers to date
Table of Contents
WazirX Score Card (Post-Restart)
| Category | Weight | Score | Notes |
|---|---|---|---|
| Fees | 30% | 3.5/5 | Zero fees at restart · competitive for Indian INR pairs · ongoing structure TBD |
| Security & Regulation | 25% | 2/5 | $234.9M hack (2024) · restarted with BitGo custody · trust rebuilding in progress |
| Coin Selection | 20% | 3/5 | Good Indian market coverage · INR pairs · some coins delisted post-hack |
| User Experience | 15% | 3/5 | Relaunched interface · phased withdrawal rollout |
| Customer Support | 10% | 2/5 | Communication heavily criticized during hack/restructuring · improving post-restart |
| Overall: 2.5/5 — Restarted post-hack with partial recovery; significant trust rebuilding needed; primarily for existing Indian users | |||
🚨 $234.9M Hack — July 18, 2024: North Korean Lazarus Group hackers exploited WazirX’s multi-signature wallet by tricking employees into approving a malicious smart contract upgrade. $234.9 million in crypto was drained in minutes — the largest crypto hack in Indian history. Withdrawals were frozen immediately for all 6.6 million users. WazirX and its custody partner Liminal blamed each other publicly. 16 months of legal proceedings followed. Singapore court approved a restructuring scheme October 13, 2025. WazirX restarted October 24, 2025. Only ~$3M of the $235M stolen has been frozen to date — recovery of stolen funds remains essentially zero.
What Is WazirX?
WazirX is an India-focused crypto exchange founded in 2018 by Nischal Shetty, Siddharth Menon, and Sameer Mhatre. It’s operated by Zanmai Labs Pvt. Ltd. (India) and Zettai Pte. Ltd. (Singapore). It became India’s largest exchange by volume after Binance acquired a stake in 2019. WazirX popularized INR-to-crypto trading for Indian retail investors. Post-restart, it’s registered with India’s Financial Intelligence Unit (FIU) and uses BitGo for institutional-grade custody.
The Hack, Shutdown, and Restructuring Timeline
- July 18, 2024: $234.9M stolen from multi-sig wallet by Lazarus Group. Withdrawals frozen immediately for 6.6M users. WazirX and Liminal publicly blamed each other.
- Late 2024: Zettai Pte. Ltd. (Singapore entity) filed for restructuring under Singapore High Court.
- March 2025: Creditor vote — 93.1% by number (94.6% by value) voted in favor. Over 141,000 creditors, $195.65M in approved claims.
- October 13, 2025: Singapore High Court sanctioned the restructuring scheme.
- October 15, 2025: Scheme filed with Singapore’s ACRA. Implementation phase began.
- October 24, 2025: WazirX restarted trading with zero fees. Trading opened in phases (25% of tokens per day through Oct 27). INR and crypto withdrawals resumed.
- October 2025: Madras High Court ruled crypto is user property — WazirX cannot use user assets (like XRP) to offset its own unrelated losses.
- January 9, 2026: Recovery Tokens credited to all eligible users within the 60-business-day timeline. Users can see allocations in the Funds tab of the WazirX app. RT allocation on a pro-rata basis by approved claim size.
Post-Restart Security and Recovery Tokens
WazirX restarted with BitGo institutional custody — insured, institutional-grade cold storage. Recovery Tokens (RTs): Represent claims on WazirX’s future revenue. Token holders may earn 20–30% of WazirX’s future profits through buybacks and distributions. RTs are tradeable on WazirX secondary markets and remain active until 2028 with periodic buybacks. The exchange continues to operate under FIU registration in India and Singapore’s DTSP framework.
💡 Expert Tip: For existing WazirX users: check your Recovery Token allocation in the Funds tab of the WazirX app. RTs are tradeable on the platform — if you want liquidity now rather than waiting for 2028 distributions, you can sell them in the secondary market. Be aware that RT value depends entirely on WazirX’s trading volume and profit recovery — which remains uncertain.
Pros and Cons
| ✅ Pros | ❌ Cons |
|---|---|
| Restarted Oct 2025 · Singapore court-approved restructuring | $234.9M hack July 2024 — largest crypto hack in India |
| ~85% of account value returned to users | Only ~$3M of $235M stolen recovered from hackers |
| Recovery Tokens credited Jan 9, 2026 (tradeable, profit-linked) | 15% shortfall covered by RTs — value depends on WazirX’s recovery |
| BitGo institutional custody · FIU-registered in India | Some users reported receiving less than expected |
| Zero trading fees at restart · INR/crypto pairs | Ongoing trust deficit in Indian crypto community |
| 95.7% creditor approval — strong community support for restart | Liminal custody dispute unresolved · communication criticized during crisis |
FAQs
Did WazirX return all stolen funds?
No — WazirX returned approximately 85% of user account balances in the first tranche. The remaining 15% was issued as Recovery Tokens (RTs) — tradeable tokens linked to WazirX’s future profits, with buybacks and distributions planned through 2028. Only about $3 million of the $234.9 million stolen has been frozen from hackers. Users received a partial payout from WazirX’s existing assets plus the RT system, not from recovered hack proceeds.
Is WazirX safe to use now?
WazirX restarted with BitGo institutional custody (insured), FIU registration, and court-approved restructuring — meaningful improvements. The platform is operational and functional. However, it’s still rebuilding trust. For existing users: your funds are accessible and the platform is running. For new Indian crypto users: consider starting with CoinDCX (clean security record, strong FIU compliance) and using WazirX once its post-restart track record is more established.
What are WazirX Recovery Tokens?
Recovery Tokens (RTs) represent the 15% shortfall from the $234.9M hack that WazirX couldn’t return in cash. RTs are tradeable on WazirX’s secondary market and entitle holders to 20–30% of WazirX’s future profits through quarterly buybacks. RTs remain active until 2028. Their value depends entirely on WazirX’s trading volume recovery — if the platform grows, RTs have more value; if not, they may be worth little. All eligible users had RTs credited to their accounts by January 9, 2026.
Bottom Line: WazirX completed one of the most dramatic recoveries in crypto exchange history — going from a $234.9M hack and 16-month shutdown to a court-approved restart with ~85% of user balances returned and Recovery Tokens credited by January 2026. The BitGo custody partnership and Singapore court oversight add meaningful legitimacy. The concerns are real: only ~$3M of $235M stolen has been recovered from hackers; 15% of user balances exist as Recovery Tokens dependent on future profits; user trust in India is fragile. For existing WazirX users who went through the hack: the platform has made a significant good-faith effort to restore access. For new Indian crypto users deciding where to open an account in 2026: CoinDCX and other FIU-registered exchanges with no major breach history are safer starting points.
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