What WazirX is
Founded in 2017 in Mumbai by Nischal Shetty, Siddharth Menon and Sameer Mhatre, WazirX was for years India's largest cryptocurrency exchange, with an open order book and rupee pairs. On 18 July 2024 an attack on its multisignature wallet — attributed to the North Korean Lazarus group — drained roughly $234 million, one of the largest thefts in the sector's history, freezing withdrawals and operations for over a year. Parent company Zettai ran a judicial restructuring in Singapore that concluded with court sanction and a gradual reopening from 24 October 2025. Spot trading today takes place against USDT (purchasable in rupees) and the platform serves the Indian market; since May 2026 it has also offered perpetual futures with rupee margin, leveraged products that carry a high risk of loss. (Verified: October 2026)
Regulation and licences
- MiCA: NO — WazirX holds no CASP authorisation: it cannot legally serve European Union customers, and shows no intention of doing so. Its market is India. (Verified: September 2026)
- Restructuring: plan sanctioned by the Singapore High Court on 13 October 2025, after a bumpy path — a first rejection in June 2025, an amended scheme and a new vote in August 2025 approved by 95.7% of voting creditors (94.6% by value). (Verified: September 2026)
- Historical note: the ambiguous corporate relationship with Binance (an acquisition announced in 2019, then denied in 2022 amid mutual public accusations) was never fully clarified and forms part of the exchange's governance context.
Security
On 18 July 2024 the attack on the multisig (attributed to Lazarus) emptied around $234 million. The outcome, rare in the sector, was an orderly restructuring under judicial supervision rather than a bankruptcy: a staggered reopening from 24 to 27 October 2025 (25% of tokens reactivated per day), withdrawals available from day one, zero trading fees for the first month. For the uncovered portion of claims (about 14.5%), in January 2026 users were allocated Recovery Tokens, which give the right to a share of any future recoveries. At the time of allocation they were not tradable, and buybacks are triggered only when, in a three-month cycle, recoveries reach at least $10 million; smaller sums roll over to the next cycle. As of October 2026 no buyback has been announced. (Verified: October 2026)
Alternatives
- Kraken — for those looking for a MiCA-regulated exchange in the EU
FAQ
Can I use WazirX from the EU? No: WazirX holds no MiCA licence, and since 1 July 2026 no exchange without a CASP authorisation may legally serve EU customers. The platform is designed for the Indian market, with purchases in rupees. (Verified: September 2026)
Did users hit by the 2024 hack recover their funds? Largely: with the October 2025 reopening users regained access to most of the value, while for the residual portion (about 14.5%) they received, in January 2026, non-tradable Recovery Tokens, which will be bought back only if future recoveries reach the thresholds set by the plan. As of October 2026 no buyback has been announced. (Verified: October 2026)
Who is behind WazirX today? The parent company is Zettai Pte Ltd (Singapore), led by co-founder Nischal Shetty, who runs the exchange from Dubai and is also co-founder of the blockchain project Shardeum.
Verified sources
- https://www.coindesk.com/markets/2025/10/13/wazirx-restructuring-cleared-in-massive-relief
- https://www.coindesk.com/markets/2025/10/23/wazirx-to-restart-trading-on-friday-after-usd2
- https://www.medianama.com/2025/10/223-wazirx-indian-operations/
- https://www.forbesindia.com/article/crypto-made-easy/wazirx-cofounders-shifting-base-to-du
- https://wazirx.com/blog/wazirx-restart-anniversary/
- https://www.outlookmoney.com/invest/wazirx-completes-recovery-token-allocation-distributes
- https://www.tokenpost.com/news/business/34306
