Table of Contents
In July 2024, when a cyberattack linked to North Korean hackers hit WazirX, it shook the entire crypto space to its core. For us, it wasn’t just WazirX that was tested; it was the trust of millions of users who believed in one of India’s best crypto exchanges, in us.
Every decision on the path to WazirX’s recovery that followed was driven by one goal: to protect our community, recover every possible asset, and rebuild a stronger, more secure platform for everyone.
We are grateful to the WazirX Tribe from the bottom of our hearts. This comeback journey wasn’t about the platform bouncing back; it was about keeping the promise we made. We were determined to maximize the recovery, restore balances, restart the platform, and prove that when challenges arise, our users come first.
The Day Everything Changed – July 18, 2024
As soon as irregular activities in the multisig wallet were identified, WazirX‘s security protocols were triggered. Within minutes, users were informed, authorities such as FIU and CERT-In were notified, and platform operations were paused and on-chain movements traced. What could have been chaos became an orchestrated effort to protect user assets.
Building a Global Defense – July 19, 2024
In less than 24 hours, WazirX mobilized forensic experts, law enforcement, and global exchanges to contain fallout. Over 500 platforms collaborated to flag suspicious wallets, which was an unmatched show of industry-wide unity in cybersecurity defense.
Transparency in Action – July 21, 2024
WazirX released an open update to its users, pausing trading temporarily on the platform to ensure complete integrity. A $23M white-hat bounty program was also announced to incentivize global intelligence on the attackers, reaffirming that transparency and collaboration would lead the recovery, not secrecy.
Early Clarity, Deep Investigation – July 25, 2024
Preliminary forensic audits revealed that the wallet signer systems remained uncompromised. Partnering with renowned cybersecurity specialists like ZeroShadow, the team focused on hardening infrastructure while designing a secure path to platform restoration.
A Community That Speaks – July 26-27, 2024
WazirX Founder, Nischal Shetty, hosted an AMA to address the community directly. Alongside this, a user poll was launched to gather feedback on platform reopening and fund management, making users co-architects of WazirX’s recovery roadmap.
Law Steps In – August 6, 2024
The Delhi Special Cell formally registered an FIR under India’s IT Act. This step enabled deeper coordination between domestic and international agencies to accelerate asset tracing and enforcement.
Security, Reinforced – August 14, 2024
All assets held with Liminal were migrated to fortified multisig wallets. WazirX also published wallet details and on-chain references, turning transparency into a permanent security feature rather than a temporary reassurance.
Restoring What Matters Most – August 16, 2024
User balances were reinstated to their exact pre-incident state. Trades made after July 18 were reversed to preserve fairness and accuracy, restoring both data integrity and user confidence.
Independent Assurance – August 19, 2024
A global cybersecurity firm validated that no WazirX systems or laptops were breached. The findings, shared with law enforcement, strengthened the credibility of internal processes and the platform’s overall resilience.
Gradual Return to Flow – August 26, 2024
INR withdrawals resumed in a phased rollout, unlocking up to two-thirds of user balances. Phase 2 was advanced ahead of schedule, which was considered a rare moment when caution and speed worked in harmony.
Turning to the Courts – August 28, 2024
WazirX’s Singapore entity, Zettai Pte Ltd, filed for a court-supervised moratorium. This ensured that every recovery step moved under transparent judicial oversight, protecting all stakeholders equally.
The Dialogue Continues – Sep-Dec 2024
Through a series of 5 community Townhalls, WazirX ensured the community understood the restructuring and the moratorium and addressed their related queries. A Committee of Creditors (CoC) was formed, and verified Proof of Reserves was published. The filing of an affidavit disclosing 240,000+ wallet addresses underscored full transparency.
A major highlight was the launch of the Rebalancing Calculator that helped users understand asset adjustments during restructuring. WazirX also submitted 11 affidavits over this period, each focused on protecting user interests. By year-end, users weren’t just being updated; they were helping steer WazirX’s comeback through collective trust.
Global Accountability – Jan-Feb 2025
The beginning of 2025 marked a global acknowledgment of the WazirX incident. On January 14, the US, Japan, and South Korea linked North Korea to major crypto thefts, including $235M tied to WazirX. Soon after, nearly $3M USDT was successfully frozen.
The Singapore Court approved a creditors’ Scheme Meeting, paving the way for judicially supervised recovery. By February, WazirX completed token rebalancing, hosted multiple Townhalls to explain the Scheme process, and announced voting timelines for creditors, ensuring users stayed informed and empowered. Persistence was finally turning into progress.
The Turning Point – March-April 2025
March marked a notable shift as WazirX partnered with BitGo, a globally renowned custodian, to strengthen asset safety and verification. Also, Independent Auditors (Alvarez & Marsal (SE Asia) Pte Ltd) validated all asset and liability records ahead of the crucial Scheme vote.
During the Eighth Community Townhall, users were provided with detailed explanations of Scheme amendments and voting terms. By April 7, 93% of voting creditors had approved the plan. A collective effort that paved the way for court-sanctioned proceedings and brought WazirX’s restructuring closer to fruition.
Persistence Through Procedure – June-Aug 2025
June tested WazirX’s determination as the Court withheld initial sanction, but the team remained undeterred. They presented additional arguments, secured an extension of the moratorium, and refined the Scheme with improved terms.
By July, the Court approved a re-vote, and after another transparent Townhall explaining every amendment, 95.7% of creditors again approved the new plan, reaffirming trust and unity.
Full Circle – October 2025
The Singapore High Court sanctioned the amended Scheme on October 13, officially closing the chapter of uncertainty. Within days, WazirX announced the platform’s restart, and on October 24, 2025, trading resumed on the WazirX platform with zero trading fees.
A New Beginning
What began as a crisis ended as an affirmation: WazirX is back, stronger, smarter, and more secure than ever.
Every update, every Townhall, and every verified number reflected one simple truth: trust isn’t rebuilt with words, but with actions.
Today, WazirX stands renewed, not just as a platform, but as a promise that user protection, transparency, and accountability will always come first for you, from us.
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