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Gresha K
Gresha K

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They Lost $234M Overnight—But WazirX Refused To Give Up

Last year on 18th July 2024, India’s largest crypto exchange got hit by a storm.

A coordinated cyberattack targeted WazirX’s systems, draining digital assets worth $234 million. Withdrawals were frozen, panic spread, and trolls had a field day. To many onlookers, it felt like the end of the road.

But 12 months later, WazirX is still here — standing, speaking, and most importantly, preparing to repay its users. This isn’t a story of survival, it’s a rare sight in the volatile world of crypto.

Here’s how they did it, and why this approach stands out in the crypto industry.
The Immediate Response

After detecting the breach, WazirX:

  • Paused all activity to stop further damage
  • Notified users and authorities quickly
  • Began working with cybersecurity firms
  • Identified the losses and started a full audit

Instead of avoiding blame or going quiet, the exchange acted with urgency.

The Legal Path to Recovery

WazirX’s Singapore-entity, Zettai, chose to go through the Singapore court system to create a legal repayment plan.

This process included:

  • Writing a detailed proposal for affected users
  • Allowing users to vote on the plan
  • Filing everything formally in court

93% of users who voted were in favor.
However, in June 2025, the court rejected the initial version over some regulatory concerns.

Instead of giving up, the team made changes and submitted new information.

In July 2025, the court agreed for the amendments and has now allowed a second vote to move forward.

Security Overhaul

After the hack, WazirX also focused on strengthening its internal systems.
By early 2025, the company had:

  • Improved its asset custody system
  • Added better risk controls
  • Completed third-party audits
  • Met compliance standards in Singapore

These changes show that the company was proactive about preventing any future incidents.

Keeping Users Involved

One of the most important parts of the recovery was user participation.

A Committee of Creditors was formed to oversee the recovery plan
Voting was conducted in a transparent way

Updates were shared regularly through blogs, in-app updates, and social media

FAQs and customer support channels were active

This open approach helped users feel involved and informed.

Why This Matters

In most cases, crypto platforms that are hacked either shut down or take years to respond.

WazirX chose to:

  • Stay visible and transparent
  • Follow legal procedures
  • Involve users at every step
  • Work with regulators and courts That approach is not only rare — it sets a standard for how crypto businesses should act in times of crisis.

The Next Step

If the final vote is approved, users could receive a part of their lost funds in the coming weeks.
This would make WazirX one of the few exchanges in the world to carry out a recovery this large — within a year — and through a legal, court-approved process.

Conclusion

The WazirX recovery is not just about fixing what went wrong.
It’s about doing what’s right — and showing that trust can still be earned in crypto.
That’s a message the industry — and its users — need now more than ever.

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