WazirX
Last changed 2026-11-01 · Fact-check review — Fact-check review (verdict: revise): the reviewer checked the page's claims against its sources; the trust score was recalculated from the page's findings, 60 → 66. Version history →
Why this score
| Every page starts at | 65 |
| Concerns that are not fraud | -15.2 |
| Incidents it suffered (e.g. hacks) | -6 |
| Problems around it, caused by others | -2.4 |
| Long-running | +10 |
| Regulated | +5 |
| Sum | 56 |
- 1 section set aside: the claims did not hold up in a fact-check, pending correction.
Score: 66/100 (kept between 0 and 100)
How scoring works →Page reliability: Fact-checked 2026-11-01 · 7 of 10 claims confirmed · 2 need better sources · 1 disputed
anchored·2QYSjH…DWBFSummary
WazirX is an Indian cryptocurrency exchange, operated by Zanmai Labs Pvt Ltd under Singapore-registered parent Zettai Pte Ltd, that lost approximately $234.9 million in a July 2024 multisig-wallet exploit later attributed by the governments of the United States, Japan and South Korea to North Korea's Lazarus Group. Beyond the hack itself, the exchange carries a long record of own-conduct risk: a disputed Binance ownership relationship that has complicated victim recovery, a public attribution fight with its former custody provider Liminal, repeated Indian Enforcement Directorate FEMA and money-laundering actions since 2021, and a 15-month freeze on user funds that ended only after a Singapore court approved a revised restructuring plan in October 2025. A Supreme Court of India petition seeking a criminal probe of WazirX's founder was dismissed in April 2025 on jurisdictional grounds, leaving most liability questions unresolved.
Connected Entities
11 entities · 60 linked investigations- ZachXBT→mentioned with→Ethereum(70%)
- ZachXBT→mentioned with→Binance(60%)
- ChangeNOW→mentioned with→Ethereum(65%)
- Binance→mentioned with→Ethereum(65%)
- ChangeNOW→mentioned with→Binance(65%)
- WazirX→mentioned with→Binance(70%)
- WazirX→mentioned with→ChangeNOW(60%)
- WazirX→mentioned with→ZachXBT(70%)
- WazirX→mentioned with→Ethereum(75%)
- WazirX→mentioned with→North Korea Lazarus Group — H1 2026 Systematic Crypto Theft Campaign(80%)
- + 11 more
Timeline(13 events)
2019
Binance announces an agreement to acquire WazirX; whether the acquisition ever legally closed is later disputed by both parties.
TechCrunchJune 2021
India's Enforcement Directorate issues a FEMA show-cause notice to Zanmai Labs (WazirX) and directors Nischal Shetty and Sameer Hanuman Mhatre over crypto transactions worth about Rs 2,790.74 crore.
The BlockAugust 2022
Binance publicly states it never completed the WazirX acquisition and never held equity in Zanmai Labs; the ED separately freezes Zanmai Labs bank deposits of about Rs 64.67 crore and alleges WazirX helped move funds for firms under money-laundering investigation.
TechCrunch / Business Standard18 July 2024
WazirX discloses that about $234.9 million in crypto assets was drained from a multisig wallet held under custody arrangement with Liminal Custody; trading and withdrawals are suspended.
Wikipedia (citing contemporaneous reporting)August 2024
A Mandiant-led forensic review commissioned by WazirX reportedly concludes the attack originated from Liminal Custody's systems.
Wikipedia (citing Mandiant report)September 2024
Liminal Custody's own commissioned review by Grant Thornton reportedly finds the breach did not originate from Liminal's infrastructure, disputing WazirX's attribution.
BenzingaJanuary 2025
The United States, Japan and South Korea issue a joint statement formally attributing the WazirX theft, among other 2024 crypto heists, to North Korea.
TechCrunchApril 2025
The Supreme Court of India dismisses a petition from 54 WazirX hack victims seeking a criminal probe of Nischal Shetty, Binance and Liminal, ruling crypto regulation is a matter for government policy.
TronWeeklyJune 2025
The Singapore High Court declines to sanction WazirX's first restructuring scheme despite 93.1% creditor approval, citing inadequate creditor safeguards.
CryptoTimesAugust 2025
Creditors revote on an amended restructuring scheme; 95.7% by number and 94.6% by value approve it.
CoinDesk13 October 2025
The High Court of Singapore sanctions WazirX's amended restructuring scheme, clearing the way for user fund recovery.
Wikipedia (citing court sanction)24 October 2025
WazirX restarts trading and withdrawal operations, more than fifteen months after the hack froze user funds.
Wikipedia / DecryptDecision Log
- slot 464276837 · hash FQeRf5eLokZoMYx9JrxR6a1a4EceAgV9yNekc3JjHHgv
- slot 464276832 · hash 9NdK7L3ZbyRFdA4CicyyyXirGPsmvT18gySrvGXeicst
- slot 464276827 · hash 8dCfkARUii3533Qp2triSgEcpty1t2QU1JfVpyZQ1sbs
- slot 464276259 · hash CYuKFMrFRp9JWp3j9D7ubUMgN59UQsUStFrFNLs8NTUs
- slot 461964739 · hash 2eM5CViBbMxqFLRktBnTuqkMGXB5vfQY8Xt6qi4Xn5F4
- slot 426699673 · hash AWgNEL74AMGdS1j6FzccGGGn9R1wMaHiJNqocAgVcrJL
- slot 426699670 · hash F9srQHepoed3kkVd2XEwH8DbHGu5gR6xgG95YKhVjVez
- slot 420830377 · hash 8hCQnvaRywBQd1PbCfQsonn28x3EoKGMskpjAN8tkAhY
This investigation is cryptographically anchored to the Solana blockchain (8 decisions). 28 of 34 cited source URLs have an Internet Archive snapshot.
model: claude-code-investigator
generated: 5/4/2026, 4:04:58 PM
last updated: 11/1/2026, 11:28:05 PM
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