WazirX used to be the go-to crypto exchange for millions of Indians. By 2021, it had over 16 million users and handled more than $5 billion in trades every month. It was fast, simple, and backed by Binance-the biggest crypto exchange in the world. But in July 2024, everything changed. A security breach wiped out $230 million in user funds. For months, there was silence. Then came the news: WazirX would repay only 85% of what users lost, spread out over 18 to 24 months. Now, in late 2025, the platform is slowly coming back online. But should you trust it again?
What Happened to WazirX?
The July 2024 hack wasn’t a small glitch. It was a full-scale collapse. Attackers got into WazirX’s multi-signature wallet-the kind meant to be nearly impossible to break into. They drained nearly a quarter of a billion dollars in Bitcoin, Ethereum, and other major coins. Users woke up to empty balances. Customer support vanished. Reddit threads filled with posts like, “Lost 2.3 ETH. No replies for 8 months.” The exchange shut down completely for 16 months. No deposits. No withdrawals. No trading. When it finally returned, it wasn’t with a bang-but with a court order. In January 2025, the Singapore High Court approved WazirX’s recovery plan. That’s right: a foreign court had to step in because Indian regulators couldn’t force a resolution. The plan? Return 85% of lost funds in installments. The remaining 15%? Gone. No explanation. No legal recourse. Many users are angry. CryptoSecurity Insights called the 85% payout a “dangerous precedent.” Why? Because if exchanges can promise full security and then only pay back part of what’s lost, what stops others from doing the same? WazirX’s reputation didn’t just take a hit-it shattered.Is WazirX Safe Now?
WazirX claims it’s rebuilt from the ground up. And honestly, the security upgrades sound impressive. They now use quantum-resistant encryption. Withdrawals require whitelisting and two-factor authentication. Over 98% of funds are stored in cold wallets-up from 95%. They’ve switched from annual to quarterly security audits by Cure53, one of the top blockchain security firms in the world. Real-time AI monitors every transaction. Biometric logins are now mandatory. These aren’t surface-level fixes. They’re the kind of changes you’d expect from a company that’s been burned and wants to survive. Cure53’s August 2025 report called it “one of the most comprehensive overhaul efforts among compromised exchanges.” That’s high praise. But here’s the catch: security isn’t just about tech. It’s about trust. And trust, once broken, is hard to rebuild. You can have the strongest encryption in the world, but if users don’t believe you’ll protect their money, no amount of tech will matter. And right now, many users still don’t believe WazirX.Trading Features and Fees
If you ignore the past, WazirX’s platform still works well. It’s clean, fast, and easy to use-even for beginners. The mobile app (iOS and Android) loads quickly, and order execution is under 100 milliseconds. That’s faster than most Indian exchanges. You can trade over 250 cryptocurrencies, including Bitcoin, Ethereum, Solana, and lesser-known altcoins. The minimum deposit is just $1 (around ₹83). And unlike most exchanges, WazirX offers free peer-to-peer (P2P) trading. You can buy crypto directly from other users using UPI, bank transfer, or Paytm-with zero fees. Trading fees are tiered: 0.10% to 0.40%, depending on your 30-day volume and how much WRX (WazirX’s native token) you hold. Spot trading usually costs 0.2%. That’s average for the market. But here’s the kicker: if you refer friends, you get up to 50% of their trading fees as a commission. That’s one of the best referral programs in the industry. But WazirX doesn’t offer margin trading or leverage. No 10x, 20x, or even 5x positions. Just spot trading and P2P. That’s a limitation if you’re an active trader looking to amplify gains. But for someone just buying and holding Bitcoin, it’s not a dealbreaker.
Fiat Support and Withdrawals
WazirX only supports Indian Rupees (INR). No USD, EUR, GBP, or AUD. That’s fine if you live in India. But if you’re outside the country, you can’t use it. That’s a major weakness compared to CoinDCX or ZebPay, which let you deposit in multiple currencies. Withdrawal fees are higher than competitors. Sending Bitcoin out costs around ₹150, while Ethereum withdrawals run ₹200+. CoinDCX charges ₹50-₹100 for the same. And there’s a 24-48 hour delay on large withdrawals. That’s new since the hack-meant to prevent rushed thefts. But it’s frustrating if you need quick access to your funds. KYC is mandatory. You need an Indian PAN card and Aadhaar. No exceptions. That’s standard in India, but it’s another barrier for international users.WazirX vs. Competitors in India
Here’s how WazirX stacks up against its top rivals in late 2025:| Feature | WazirX | CoinDCX | ZebPay | Bitbns |
|---|---|---|---|---|
| Supported Fiat | INR only | INR, USD, EUR | INR, USD, EUR | INR only |
| Trading Pairs | 250+ | 300+ | 280+ | 220+ |
| Spot Trading Fees | 0.10%-0.40% | 0.10%-0.30% | 0.10%-0.40% | 0.15%-0.50% |
| P2P Trading | Free | Free | Free | Free |
| Leverage Trading | No | Yes (up to 10x) | Yes (up to 10x) | No |
| Security After 2024 Hack | 98% cold storage, AI monitoring, quarterly audits | 95% cold storage, annual audits | 96% cold storage, annual audits | 94% cold storage, annual audits |
| Recovery Status | 85% fund return plan approved | No breach | No breach | No breach |
| Customer Support Response | 72+ hours (post-hack) | 4-8 hours | 6-12 hours | 12-24 hours |
Who Should Use WazirX Today?
If you’re an Indian resident who lost funds in the 2024 hack and is waiting for repayment, you have no choice but to stay. WazirX is your only path to recovering part of your money. If you’re new to crypto in India and want a simple, fast platform with free P2P trading and strong technical backing? WazirX could still be a solid pick-if you’re okay with the risk. You’re not just betting on crypto. You’re betting on WazirX’s ability to stay secure and follow through on its recovery plan. If you trade frequently, want leverage, or need multi-currency support? Skip WazirX. Go with CoinDCX or ZebPay. They’re safer, faster, and more reliable. If you’re outside India? Don’t bother. The INR-only restriction makes it useless for you.What’s Next for WazirX?
WazirX’s roadmap is clear: relaunch in phases. Spot trading is back. P2P is returning. Derivatives and margin trading are still on hold. They’ve started publishing monthly transparency reports-something they never did before. That’s a good sign. Industry analysts are split. Blockchain India Fund thinks WazirX could win back 60% of its old users by late 2026-if everything goes perfectly. CryptoSecurity Insights says it’s a lost cause. Trust doesn’t come back with audits and encryption. It comes with time, consistency, and zero more mistakes. Right now, WazirX is in a fragile state. It’s not dead. But it’s not fully alive either. It’s in recovery mode. And recovery takes years-not months.Final Verdict
WazirX is a cautionary tale wrapped in a technical marvel. The platform has the tools, the speed, the liquidity, and the Binance backing to be one of India’s best exchanges. But the 2024 hack changed everything. The 85% repayment plan, the silence, the court involvement-it all points to a company that made a massive mistake and is now trying to survive. If you’re returning to WazirX, do it with your eyes wide open. Don’t deposit more than you can afford to lose. Don’t assume your money is safe just because the platform looks polished. And don’t expect quick answers from support. For most people, the safest move right now is to walk away. For those who stayed, the only path forward is patience-and hope that WazirX doesn’t fail again.Is WazirX safe to use in 2025?
WazirX has made major security upgrades since the 2024 hack, including 98% cold storage, AI monitoring, and quarterly audits. But safety isn’t just about tech-it’s about trust. Many users still don’t believe the platform will protect their funds long-term. Use WazirX only if you’re okay with the risk and understand that your money may not be fully recoverable if another issue occurs.
Can I still get my money back from WazirX after the hack?
Yes, but only partially. WazirX’s court-approved recovery plan returns 85% of lost funds over 18-24 months. The remaining 15% is permanently lost. Payments are made in installments, not all at once. You must complete KYC and verify your account to qualify. No refunds are guaranteed beyond the 85% plan.
Does WazirX support USD or other currencies?
No. WazirX only supports Indian Rupees (INR) for deposits and withdrawals. You cannot deposit USD, EUR, or any other fiat currency. This makes it unusable for traders outside India.
Is WazirX better than CoinDCX or ZebPay?
Technically, WazirX has faster execution and better liquidity thanks to Binance. But CoinDCX and ZebPay are safer, offer multi-currency support, and never suffered a major hack. If security and reliability matter more than speed, CoinDCX and ZebPay are better choices.
Can I trade with leverage on WazirX?
No. WazirX does not offer margin trading or leverage. You can only do spot trading and peer-to-peer (P2P) trades. If you want to trade with 5x or 10x leverage, you’ll need to use CoinDCX or ZebPay instead.
How long does it take to get funds out of WazirX?
Standard withdrawals take 1-3 hours. But large withdrawals (over ₹5 lakh) are delayed by 24-48 hours for security review. Withdrawal fees are higher than competitors-₹150 for Bitcoin, ₹200 for Ethereum. Recovery payouts follow a separate, slower schedule set by the court.
Is WazirX legal in India?
Yes. WazirX is registered with India’s Financial Intelligence Unit (FIU-IND) and complies with all local regulations, including the 30% crypto tax. Its operations are now overseen by the Singapore High Court as part of its recovery plan, but it remains fully compliant under Indian law.
What’s the minimum deposit on WazirX?
The minimum deposit is $1 (approximately ₹83). You can start trading with a very small amount, making it accessible for beginners.
Does WazirX have a mobile app?
Yes. WazirX has official apps for both iOS and Android. The interface is clean and intuitive, with biometric login and real-time notifications. The app is required for P2P trading and 2FA verification.
Should I invest in WRX, WazirX’s native token?
Investing in WRX is risky. While holding it reduces trading fees, the token’s value is tied directly to WazirX’s survival. If the exchange fails again, WRX could become worthless. Only consider it if you plan to trade heavily on the platform and understand the high risk.
15 Comments
Rishav Ranjan
WazirX? Nah. I’m on CoinDCX. Done.
Jacob Lawrenson
Bro, I lost $8k in that hack and came back anyway. Yeah, it’s scary. But look at the cold storage numbers - 98%? That’s next level. I’m not gambling, I’m betting on redemption. 💪
Vijay n
98% cold storage my ass. Binance owns WazirX so they just moved the funds to another wallet and called it a day. The court order? That was just PR spin. They knew the Indian govt would never touch them. They’re playing us. I still have my 2.3 BTC in cold wallet and I ain’t touching this platform again. No way. No how.
SHEFFIN ANTONY
Oh wow so now we’re supposed to trust a platform that vanished for 16 months and then got rescued by a Singapore court because India couldn’t even be bothered? And you call that a ‘comprehensive overhaul’? That’s like saying a thief who returned 85% of your TV is now a reformed man. I’m not buying it. The fact they still don’t return 100% means they never cared. They just got caught.
Ellen Sales
so like… wazirx is basically the crypto version of that ex who says ‘i’ve changed’ but still shows up at your door at 3am with a sixpack and a sob story? 🤡
Charles Freitas
Let me get this straight - you’re seriously considering putting money back into an exchange that lost $230M, didn’t respond for over a year, and now only promises 85% back? And you think ‘quantum-resistant encryption’ makes up for that? You don’t need a PhD in blockchain to see this is a sinking ship. This isn’t security - it’s theater. And I’m not buying a ticket.
Vyas Koduvayur
Let’s break this down statistically. The probability of a second breach after such a catastrophic failure is not linear - it’s exponential, given the systemic trust collapse and the fact that WazirX’s internal governance was clearly compromised before the hack. Their new security measures, while technically impressive, are reactive, not predictive. The real issue isn’t the encryption - it’s the human factor: who had access to the multi-sig keys? Why were there no anomaly alerts before the drain? And why did it take a foreign court to force accountability? This isn’t a recovery - it’s a controlled burn with a PR halo. Also, WRX tokenomics are a death spiral waiting to happen - if the exchange fails again, the token becomes a meme. And if it survives, the 15% loss is still a permanent wealth transfer to the exchange’s stakeholders. You’re not investing in crypto - you’re investing in the hope that the people who failed you won’t fail you again. That’s not an investment. That’s a prayer.
Shubham Singh
WazirX’s 85% repayment plan is an insult to every user who lost everything. It is not recovery. It is extortion disguised as restitution. The fact that they still operate under Binance’s umbrella, yet are allowed to function without full accountability, is a systemic failure of Indian financial regulation. They should be liquidated. Instead, they are being rewarded with a second chance - while users are forced to wait years for pennies. This is not capitalism. This is feudalism with crypto tokens.
Alison Fenske
imagine trusting someone who stole your wallet, came back a year later and said ‘hey i found 85% of your cash, here’s a gift card for the rest’… and you’re like ‘oh cool can i give you my credit card too?’ 🥲 i just… i just can’t
Craig Fraser
While the technical upgrades are commendable, the fundamental issue remains: institutional credibility. A company that requires a foreign court to enforce accountability has already lost the moral high ground. One cannot out-engineer a broken ethos. The fact that they still refuse to disclose the identity of the responsible parties, or implement criminal liability clauses, renders their security claims hollow. I cannot in good conscience recommend this platform to anyone, regardless of its interface or fee structure.
chris yusunas
man i just want to buy some solana and chill… why does everything have to be a drama? wazirx got fixed, they paying back, they got ai now… just use it if u need it, dont use it if u scared. life’s too short for crypto trauma
Dustin Bright
i get the fear… but i’m kinda rooting for them? like… imagine if you messed up so bad you lost millions… and then you actually tried to fix it? not run? not disappear? i know it’s not perfect… but maybe we should give people a chance to do better? 🤞
Sophia Wade
Trust is not a protocol. It is a social contract, forged in consistency, not code. WazirX’s technical upgrades are impressive, yes - but they are artifacts of a system that failed morally. The 85% repayment, while legally binding, is ethically insufficient. It reflects not redemption, but calculation: the minimum payout to avoid total collapse. To return is not to be worthy. To be worthy is to earn, through transparency, humility, and absolute integrity - none of which WazirX has demonstrated. Until they do, the platform remains a monument to hubris, dressed in quantum encryption.
Grace Simmons
India’s financial system is a joke. Letting a foreign court fix their domestic crypto mess? And now you want Americans to respect this? No. This isn’t innovation - it’s institutional failure. WazirX should be banned, not rehabilitated. If you can’t protect user funds, you don’t deserve to exist. Period.
Charles Freitas
Wow. You really think the ‘empathetic listener’ comment above is the right response? This isn’t a therapy session. This is finance. People lost their life savings. You’re not ‘rooting for them’ - you’re enabling negligence. If WazirX had been a bank, the CEO would be in prison. But because it’s crypto, we’re supposed to pat them on the back for returning 85%? That’s not hope. That’s Stockholm syndrome with a wallet.