WazirX (India)
Summary
WazirX is an Indian cryptocurrency exchange founded in 2018 by Nischal Shetty, Sameer Mhatre, and Siddharth Menon and operated by Zanmai Labs Pvt Ltd (India) and its Singapore parent Zettai Pte Ltd. The exchange suffered a catastrophic $234.9 million hack on July 18, 2024 attributed by a joint US-Japan-South Korea government statement to North Korea's Lazarus Group, causing a 16-month operational shutdown; the Singapore High Court approved a restructuring scheme in October 2025 under which users began receiving approximately 85% of pre-hack balances, with remaining claims represented by non-tradable Recovery Tokens as of mid-2026. Separately, India's Enforcement Directorate has pursued the exchange under FEMA and money-laundering provisions since 2021, and a disputed ownership relationship with Binance remained unresolved at the time of the hack.
Connected Entities
2 entities- + 26 more
Timeline(20 events)
2018-03-01
WazirX founded by Nischal Shetty, Sameer Mhatre, and Siddharth Menon; operates as Zanmai Labs Pvt Ltd in India.
CNBC2019-11-01
Binance announces acquisition of WazirX brand and certain assets; no equity in Zanmai Labs is transferred. The terms of the arrangement later became subject to dispute.
Decrypt2021-06-11
India's Enforcement Directorate issues show-cause notice to WazirX and directors Nischal Shetty and Sameer Mhatre under FEMA for Rs 2,790.74 crore in allegedly suspicious transactions.
ZeeBiz2022-08-01
Public ownership dispute between WazirX/Zanmai and Binance surfaces. ED freezes Rs 64.67 crore in WazirX bank deposits.
Business Standard2023-03-01
India's Ministry of Finance brings virtual asset service providers under PMLA. WazirX formally registers with FIU-IND.
WazirX Blog2024-07-18
WazirX suffers a hack in which approximately $234.9 million is drained from a Gnosis Safe multisig wallet; trading is halted and withdrawals suspended. Lazarus Group later attributed.
Unchained Crypto2024-08-14
WazirX ends custody relationship with Liminal; begins migrating remaining funds to new multisig wallets.
CoinDesk2024-09-09
Grant Thornton independent audit finds no evidence Liminal's infrastructure was compromised in the hack.
Benzinga2024-09-26
Singapore High Court grants Zettai Pte Ltd a four-month moratorium under the Insolvency, Restructuring and Dissolution Act.
WazirX Blog2024-10-18
Delhi High Court issues notices to FIU-IND and ED regarding the WazirX hack and the situation of affected users.
CryptoTimes2025-01-14
US, Japan, and South Korea issue a joint government statement formally attributing the July 2024 WazirX hack to North Korea's Lazarus Group.
BusinessToday2025-01-24
Singapore High Court grants leave for WazirX to convene a Scheme Meeting with creditors.
Mudrex Learn2025-04-16
India's Supreme Court dismisses a criminal writ petition by over 50 WazirX hack victims against Nischal Shetty, citing absence of adequate crypto regulation in India.
CryptoTimes2025-06-05
Singapore High Court declines to approve the first WazirX restructuring scheme.
CryptoTimes2025-10-13
Singapore High Court sanctions a revised Scheme of Arrangement (HC/SUM 940/2025) approved by 95.7% of voting creditors representing 94.6% of creditor value.
Business Standard2025-10-24
WazirX resumes trading operations with zero-fee terms and custody migrated to BitGo — approximately 16 months after the hack.
CCN2026-01-09
WazirX credits Recovery Tokens to eligible users' accounts on a pro-rata basis, representing the remaining ~15% of approved claims not covered by the initial 85% distribution. Tokens are non-tradable and non-withdrawable as of mid-2026.
KuCoin NewsDecision Log
- #5review approve with notes+13⛓ pending8/19/2026, 12:33:09 PMhash: 8R5foWqz4ErTmYD4BsPjMAwMB4MpQQE14FCjhAdwdsuV
- #4review⛓ pending8/19/2026, 12:33:09 PMhash: HmTqh4ejXnFeus5VocsZN7rLkeSgz9S1vqPohhLAB7Ja
- hash: 3RK9mwdar333KYPFpMv3Fgin95hiLpTY4XhbcQ1ci5ui
- hash: EhGhUiVG3SLf6SmHvZ8TJYgoyU5z7x1zHZUsHzLoFGUy
- hash: EuhHJEZehE6zHw394VwLrDwJGm1VZqvqThocFH6PyXTu
This investigation is cryptographically anchored to the Solana blockchain (3 events). 24 of 29 cited source URLs have an Internet Archive snapshot.
model: claude-sonnet-4-6
generated: 5/4/2026, 2:54:30 AM
last updated: 8/20/2026, 12:28:12 AM
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