WazirX is a prominent Indian cryptocurrency exchange founded in March 2018. It serves a large user base, with the company reporting over 15 million users in India. The platform is designed to facilitate the buying, selling, and trading of various digital assets. ^{[1] [6]}

History

Early Operations

WazirX launched at a critical time for the Indian crypto market. Shortly after its inception, the Reserve Bank of India (RBI) issued a circular that restricted banks from dealing with cryptocurrency exchanges. In response to this challenging regulatory environment, WazirX introduced a peer-to-peer (P2P) transaction system. This feature allowed users to trade crypto assets by directly transferring fiat currency between their bank accounts, effectively bypassing the banking ban and providing a crucial lifeline for the Indian crypto community.

2024 Security Breach

On July 18, 2024, WazirX experienced a major security breach that became one of the largest crypto heists in India's history. The attack was attributed to the Lazarus Group, a state-sponsored North Korean hacking collective. The hackers exploited a vulnerability in the exchange's multi-signature wallet infrastructure, allowing them to circumvent security protocols and gain control of a primary trading wallet. This breach resulted in the theft of over $230 million in digital assets. ^{[2] [3] [4]}

In the immediate aftermath of the attack, WazirX was forced to halt all platform operations, including trading and withdrawals, to prevent further losses and conduct a thorough investigation. The incident led to a public dispute between WazirX and its custody provider, Liminal, with each party blaming the other for the security vulnerabilities that led to the breach.

The stolen funds were quickly laundered through privacy-focused services like Tornado Cash, diminishing the prospects of a full recovery. The hack significantly impacted the exchange's users, whose funds were frozen, and dealt a blow to public confidence in the security of centralized crypto platforms in the region. ^{[2] [4]}

Restructuring and Relaunch

Following the devastating hack, WazirX's Singapore-based parent company, Zettai Pte. Ltd., initiated a comprehensive restructuring process to manage its financial liabilities and chart a path toward recovery. After an initial rejection of its proposed plan, the company presented a revised scheme that gained overwhelming support from its creditors.

In an August 2025 re-vote, 95.7% of creditors by number and 94.6% by value approved the plan. ^[2]

In a significant milestone, the High Court of Singapore officially sanctioned the restructuring scheme in October 2025. The court's approval provided a legal framework for the company to compensate hack victims and formally resume its operations. The plan includes issuing recovery tokens to users, which can be traded, and performing periodic buybacks of these tokens using platform profits. As part of the strategic overhaul, Zettai relocated its operations from Singapore to Panama, rebranding under the name Zensui Corporation. ^{[3] [5] [2]}

To bolster security and rebuild user trust, WazirX announced a partnership with BitGo, a U.S.-based digital asset custodian, ahead of its relaunch. Following the Singapore High Court's approval of its restructuring plan, WazirX officially resumed all services on October 24, 2025, including deposits, withdrawals, trading, and P2P transactions. To mark the reopening, the exchange offered zero-fee trading for the first 30 days and began gradually reintroducing trading pairs with the rupee, starting with Tether (USDT). The company also stated its intention to launch a decentralized exchange (DEX) as part of its long-term strategy to enhance user control over assets. ^{[2] [3] [7]}

Features

WazirX is known for its user-friendly interface, catering to both novice and experienced traders. The platform offers a wide selection of digital assets, with over 350 tokens available for trading across more than 800 market pairs.

Key features of the platform include:

• QuickBuy: A feature that allows for the instant purchase and sale of cryptocurrencies.
• Advanced Trading Tools: The exchange provides advanced charting tools and profit and loss (P&L) tracking for informed decision-making.
• WazirX Token (WRX): The platform has its own native utility token, WRX, which can be used for various purposes within the ecosystem, including trading fee discounts.
• Security: WazirX implements security measures such as two-factor authentication (2FA) and end-to-end encryption to protect user accounts and data.
• API Integration: The platform offers seamless API integration for users who wish to engage in automated or high-frequency trading.

These features are designed to provide a comprehensive and secure trading experience for its users. ^[1]

Controversies

In addition to the 2024 security breach, WazirX has faced other challenges and controversies throughout its history.

• 2024 Hack: The theft of over $230 million by the Lazarus Group in July 2024 remains the most significant controversy, leading to a temporary shutdown and a complex corporate restructuring. ^[2]
• Enforcement Directorate Notice (2021): In 2021, India's Enforcement Directorate (ED) issued a show-cause notice to WazirX regarding alleged violations of the Foreign Exchange Management Act (FEMA). The notice pertained to cryptocurrency transactions worth over ₹2,790 crore.
• Ownership Dispute with Binance (2022): A public dispute over the ownership of WazirX erupted in 2022 between its founder, Nischal Shetty, and Binance CEO Changpeng Zhao. While Binance had announced the acquisition of WazirX in 2019, Zhao later claimed the transaction was never completed, leading to confusion about the exchange's operational control and ownership structure.