In a stunning turn of events, WazirX, one of India’s prominent cryptocurrency exchanges, quietly moved ₹606 crore worth of user funds out of Bybit a day after the massive hack on February 21, 2025. The hack, which saw a staggering $1.5 billion stolen, stands as one of the largest crypto breaches in history.
Unlike other exchanges that quickly reassured users that their funds were secure, WazirX maintained an eerie silence. Worse yet, they made no official announcement regarding the movement of funds, raising concerns about their commitment to user transparency and security. This move comes on the heels of the Rs 2000 crore hack in July 2024, which still has WazirX users struggling with frozen withdrawals months later.
The lack of communication has been a point of frustration for many. While exchanges like CoinDCX and CoinSwitch assured their customers that they were unaffected by the Bybit breach, WazirX has failed to offer any such clarity. The silence is even more troubling considering the recent withdrawal of funds from Bybit—an exchange that was only recently registered with India’s Financial Intelligence Unit (FIU).
Crypto analyst Aditya Singh highlighted the issue, revealing transaction details and questioning the lack of transparency. “What would have happened if Bybit hadn’t covered the losses?” he asked on social media. Despite these concerns, WazirX has yet to address them publicly.
For users, the ongoing saga is a tale of unfulfilled promises and mismanagement. WazirX has yet to resolve the aftermath of the previous hack, with no substantial updates on the restructuring process or when users might regain access to their funds. Meanwhile, Bybit, despite the severe breach, restored withdrawals within two days, a stark contrast to WazirX’s silence.
Nischal Shetty, the once-controversial voice behind WazirX, remains quiet on the matter. As he focuses on his Web3 endeavors, the community continues to struggle with a lack of progress and answers. It raises the question: how much longer will WazirX’s users be left in the dark?
The situation paints a troubling picture for WazirX, which appears to be prioritizing its internal interests over the trust of its user base. While Bybit recovered quickly and took accountability, WazirX’s silence and inaction have led to mounting frustration. As time passes, it remains unclear if WazirX will ever address the ongoing concerns of its users or if they will continue to wait for answers that may never come.
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