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The journey of comeback was not easy, but it has revealed the strength of our community – OUR TRIBE. Having emerged from a phase of revival, reflecting on the year long journey, we are filled with gratitude and pride for everyone who stood by us, not once but twice.
This journey wasn’t just about technology or systems—it was also about conversations, trust, and people. Over the course of the last few months, the team engaged in over 30,000+ one-on-one calls spanning 2,000+ hours of talk time.
The Crisis
When the $230 million cyberattack news on the WazirX platform hit us, everything went upside down. Trading on the platform was paused, we started looking for the best solutions, and users were rightfully anxious.
But amid all this chaos and fear, something remarkable happened – our Tribe stood by us. While some were quick to malign our name, we were still uncovering how the cyberattack occurred despite existing security measures.
The cyberattack was one of the darkest chapters in our journey, yet here we are — a year later — ready to return up to 85% of user funds and restart the platform with greater accountability and strength.
Many chose to stand by us, asked questions, helped in finding solutions, and chose the right path to recovery. We are truly grateful for your support!
This blog is a tribute to all the WazirX Tribe, the COC members, the behind-the-scenes team, and the experts who played a part in turning the tide.
#1 The Supporters Who Stayed
In the weeks following the cyberattack, messages, emails, and tweets poured in. While some were understandably frustrated, many expressed their support – not blind faith, but thoughtful encouragement. Those words were one of our strongest supports during the harsh time.
A User, Shekhar Kumar, wrote on X:
Another User, Daya Akanurkar, wrote on X:
Rahul Malhotra, another user, wrote on X:
Here’s also a glimpse from our townhalls, where users shared their voices of support that fueled our comeback.
In the first voting process, almost 93% of Creditors stood with us and voted in favor of the Scheme of Arrangement. When a revote was required, the support only grew stronger with up to 95% of Creditors voted in favor. For us, this overwhelming support is not just a number; it is a reflection of all the people who had kept their belief in us.
Our Tribe stood by us – showed up consistently, joined AMAs, engaged with updates, and asked the right questions. Their support helped us sail through harsh water. Today, their trust has backed us, as reflected in the positive revote for the Scheme, and we’re now prepared to restart operations with complete confidence and enthusiasm.
#2 The COC Representatives Who Became the Community’s Voice
A Committee of Creditors (COC) was formed, which played a consultative role to represent the broader community’s interests. For many members, it was not just any responsibility but an emotional chapter – they witnessed it firsthand and helped shape it.
A COC member shared:
“When the July 18th hack occurred, it felt unreal and deep down, there was hope that it was just a mistake. As time went by and the gravity of the situation sank in, a variety of emotions took over.
WazirX’s initial democratic approach through user polls, though well-intended, led to confusion and delayed action. However, I think the WazirX team quickly recognized the need for a legally binding process. Since then, their efforts have been outstanding in navigating the complex balance between the courts, users, and stakeholders.
Under the circumstances, they have delivered a fair and reasonable solution, and I am now genuinely looking forward to the platform going live again.
As a member of the CoC, I have witnessed firsthand the razor-sharp focus and genuine intent of the WazirX team right through the process. Kudos to Nischal and the entire team for achieving this in a record 10 months.
Going forward, my hope is that WazirX reclaims its position as a leading platform, introduces new features, and fulfills its promises of further recovery to users through the recovery tokens.”
Another COC member shared:
“I invested in crypto just like any other asset, putting a huge part of my savings into different digital assets. My portfolio was already down by nearly 80%, but when the hacking news broke out, I lost all hope — it was my hard-earned money. Even though the loss was huge, I’m still optimistic. I believe WazirX’s comeback can heal the trauma that hit me so strongly. I simply expect to recover the loss from the hack and poor asset performance.”
Their constant involvement – from reviewing plans to providing user insights – helped us refine the Scheme, which ultimately benefits the broader user base.
#3 Behind-The-Scenes Efforts: WazirX Team’s Quiet Fight
While the community held strong, the internal team navigated some of the most difficult days in WazirX’s history. They knew that rebuilding trust was more crucial than anything.
There were difficult moments — setbacks, fatigue, uncertainty. But the commitment to recover, repay, and restart never flickered.
Views from Team Members:
- “When the news first broke, it felt unreal — like a bad dream. But deep down, I knew the WazirX team was built for resilience. The past few months tested us like never before, but what stood out was our unwavering spirit and the incredible support from our users. Seeing the voting result go in our favour was an emotional moment — it made every sleepless night and every tough call worth it. This comeback isn’t just ours, it belongs to everyone who believed in us.”
- “When the hack hit, our first instinct was to protect our users and their trust. It shook us—but it didn’t break us. As the support team, we became the voice of calm in chaos, working day and night to reassure every user. We faced anger, confusion, and fear—but never gave up. A single message of hope from a long-time user reignited our fire. We rallied, we rebuilt, and we came back stronger. This wasn’t just recovery—it was resurrection. Every setback is a setup for a comeback.”
There were moments when the weight of the situation was heavy, and morale was tested. But what never changed was the sense of responsibility that the WazirX Team felt towards its users.
#4 From the Founder’s Desk
In every company’s journey, there are moments that define not just what it is – but what it stands for. This attack was one of those moments.
As WazirX received overwhelming support for the Scheme during the revote, Nischal Shetty, our Co-Founder, shared:
“The cyberattack was a test of our resilience and dedication. The past months have been among the most challenging in our journey. But what kept us going was the constant support and belief of our users.
The 95% vote in favor of the Scheme wasn’t merely an approval. It was a message that reminded us of the trust placed in us and the responsibility we carry as we move forward.
As we restart our platform, we’ll ensure we rebuild trust, strengthen transparency, and continue on the path of building a secure and accessible crypto ecosystem for our users.”
These words are not just words of affirmation; they have been the team’s strength and an echo that this recovery is not just operational; it’s deeply personal.
Rebuilding Together
The past one year has been about resilience, involvement, and faith.
And, every vote, every message of support, every user who chose to stay – they’re all part of this larger comeback story. And we’re just getting started.
WazirX is on its way to rebuilding. And while the next chapter brings its own challenges, one thing is clear: this is no longer just a crypto exchange. It’s a comeback story written by the people who refused to give up on it.
If you’re one of them, THANK YOU 💙
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