Exclusive: Did WazirX Move 55M XRP to Binance & Others Ahead of ₹2,000 Cr Hack?

Whispers of suspicious timing swirl around WazirX's massive XRP transfers—just before a jaw-dropping ₹2,000 crore security breach. Coincidence? The crypto community demands answers.

Here's what we know: A staggering 55 million XRP vanished from WazirX's coffers, landing in Binance and other exchanges. The kicker? It happened right before hackers pulled off one of India's biggest crypto heists.

While exchanges play hot potato with blame, retail investors are left holding the bag—as usual. When the music stops in crypto's game of chairs, guess who never finds a seat?

How Much Was Moved and Where Did It Go?

Between February 2023 and July 2024, WazirX transferred exactly 55.25 million XRP coins from one of its key wallets (tagged rPPbi1iNXmvY9HmJ9sH9g4gxvgVEfN4NaZ). Rather than moving these funds in large, noticeable batches, the transfers were broken down into thousands of smaller transactions.

Some transactions involved just 5–10 XRP, while others were larger. This consistent pattern points to a deliberate effort to avoid detection through blockchain monitoring tools.

Notably, a major portion of these XRP coins was sent to Binance wallets, even though WazirX had publicly declared ending ties with Binance back in January 2023. But blockchain records suggest the relationship wasn’t fully over.

Apart from Binance, XRP coins were also transferred to other international exchanges, namely ByBit, KuCoin, Kraken, Gate.io, MEXC Global, all of which weren’t even officially allowed to operate in India during that period due to FIU bans since December 2023.

Why This Raises Serious Questions

Under the surface, it may look like routine fund management by WazirX. But the crucial point is, none of these XRP transfers were ever disclosed in WazirX’s public statements, Singapore court submissions, or user notifications.

WazirX’s team never once mentioned, either before or after the hack, that such large amounts of user funds had been sent to overseas exchanges.

More concerning is that around the same time, WazirX had been consolidating ETH and ERC20 user assets into a single wallet, 0x27fD43BABfbe83a81d14665b1a6fB8030A60C9b4. Blockchain experts confirm that over 16500 transactions flowed into that wallet from different user addresses.

Between 1st and 2nd July 2024, around 16,500 ETH and ERC20 transactions were sent into WazirX’s hacked ethereum wallet from various user wallets. That’s a sudden spike, about 20 to 30 times higher than the usual daily activity, when compared to this wallet’s transaction history from January 2023 until 18th July 2024.

Combining large volumes of funds into a single wallet while simultaneously moving XRP abroad, all without disclosure, this wasn’t routine behaviour.

The Affidavit That Brought It to Light

It was A B’s affidavit in the Bombay High Court that put these facts into the legal spotlight. A B, a joint petitioner in the criminal case, specifically wrote on social media (WhatsApp group):

“If I don’t get a chance to speak today at the Singapore Court hearing, someone needs to mention WazirX/Zettai/Zanmai transferred 55.25 million XRP coins to Binance and other international exchanges before the hack. The value of these coins is approx $170–175 million on 17th Jan, 2025. Point the judge to my affidavit for details on fund transfers. This alone will knock out WazirX.”

Exclusive Verification by Toofaan Army and The Crypto Times

The Crypto Times, working closely with an anonymous source and Toofaan Army — a crypto activist and blockchain investigation group, independently verified these wallet transfers.

They confirmed:

• Transfers began months before the July 2024 hack.
• Funds landed in Binance and other international exchange wallets, even while these platforms were facing regulatory restrictions in India.
• Despite WazirX’s public split with Binance, the operational relationship seemingly continued quietly.

Not Just XRP: ETH and Other Tokens Too

It wasn’t just XRP. Around the same timeframe, WazirX consolidated vast amounts of ETH and ERC20 tokens into a single Ethereum wallet address “WazirX 2”. The exact reasons for this move haven’t been clarified by WazirX yet.

Experts argue this isn’t standard industry practice. Spreading user assets across multiple wallets is considered safer, particularly to reduce hacking risk. Bundling them all into one wallet, especially right before a major hack, raises red flags about internal controls and intent.

Silent Transfers After the Hack

Post-July 2024, WazirX stated publicly that it was securing user funds and collaborating with authorities. But blockchain data reveals that even after the hack, at least 39 million XRP tokens were transferred to ByBit, and eventually, out of these, approximately 32 million XRP tokens were transferred to Binance.

Once again, no public statement accompanied these transfers. There was no notice to users, nor was there disclosure in the Singapore fund recovery scheme that WazirX had launched to compensate affected users.

How Much Was Actually Returned to Users?

Of the original 84.25 million XRP coins associated with WazirX wallets, only about 6.9 million XRP coins (approx. 8.18%) were accounted for in its official Singapore recovery scheme.

That leaves the majority of XRP coins either sitting in Binance or other undisclosed exchange wallets or possibly liquidated through various crypto platforms.

When combined with the ETH and ERC20 consolidation, the total value of undisclosed fund movements easily crosses ₹1700 crore, all before WazirX was publicly hacked.

Why This Matters Now

The reason this timeline is so critical: WazirX and its parent companies are now facing legal scrutiny not just for the hack itself, but also for allegedly misleading users, regulators, and courts about the true scale of fund movements.

Failure to disclose these XRP transfers in Singapore courts could qualify as contempt. In India, it’s already become a Core part of the criminal writ petition under review.

The Bigger Picture

To many in India’s crypto space, this changes the entire narrative. What was earlier seen as a catastrophic hack now appears part of a much larger story, involving months of quiet fund movements, potentially designed to shift user assets out of reach long before WazirX was publicly compromised.

As the legal process continues, what remains to be seen is whether WazirX’s directors and associated parties can provide a clear, documented explanation. So far, neither Zanmai Labs nor Zettai Pte has responded to formal media queries about these pre-hack XRP transfers.

And until they do, this ₹1700 crore question will continue to hang over India’s biggest crypto controversy yet.

Also Read: Hack, Hide, Repeat: How WazirX Fooled Singapore and Robbed India