WazirX Reopens After $230M Hack, but User Doubts Persist
WazirX, once India's largest cryptocurrency exchange, resumed operations on October 24, 2025, following a prolonged restructuring period in Singapore. The platform had been offline since July 2024 after suffering a $230 million hack involving a compromised multi-signature wallet managed with Liminal. Users returning to the exchange found discrepancies in their portfolios, including missing coins and blocked withdrawals.
Parent company Zettai Pte Ltd initiated a court-approved restructuring process, culminating in a January 2025 rebalancing of customer holdings. Alvarez & Marsal Disputes & Investigations verified $478.5 million in Net Liquid Platform Assets across BitGo and other custodial wallets. While WazirX claims 85% of user funds have been distributed, 34% remain frozen under investigation, with the rest slated for compensation via a new token-based system.
