WazirX Risk Warning | Liquidations Continue After $235 Million Hack: Where Will Investor Funds Go?

1. Platform Background and Market Position

• Platform Full Name : Zanmai Labs Pvt. Ltd (operating under the brand WazirX)

• Founded : 2018

• Headquarters : Mumbai, India

• Official website : https://wazirx.com

• Market status : Once the largest cryptocurrency trading platform in India, with over 15 million registered users, it has a historical partnership with Binance.

II. Review of the Thunder Incident: $235 million stolen

• Time : July 2024

• Scale of loss : approximately US$235 million , involving BTC, ETH and various mainstream assets.

• Subsequent progress :

• In 2025, the parent company held a meeting with creditors to discuss liquidation and compensation.

• Some of the platform's operations have been suspended, making it difficult for investors to withdraw their funds.
  👉 Source: Wikipedia

3. Investor Impact

1. Funds frozen : Most users’ assets are still unable to be withdrawn.

2. Difficulty in protecting rights : India’s judicial procedures are cumbersome and the cost of protecting rights for cross-border users is extremely high.

3. Loss of trust : Indian investors are turning to platforms like CoinDCX in large numbers.

IV. Regulatory and Compliance Issues

• The Financial Intelligence Unit of India (FIU-IND) once named WazirX as having risks in anti-money laundering and capital flow.

• Insufficient compliance : Lack of international regulatory authorities such as FCA, ASIC, and CySEC.

• Legal risks : There are uncertainties in the liquidation process, and the biggest question is whether investors' assets can be recovered.

V. Risk Implications and Comparative Cases

• FTX (2022) : Internal funds were misappropriated and full compensation has not been paid since the explosion.

• Mt. Gox (2014) : Investors only partially recovered their funds a decade later.

• CoinDCX (2025) : Although there were loopholes and thefts, at least the user funds are guaranteed to be safe.

👉 Lesson: Platforms that have had their funds stolen and are undergoing legal liquidation often face difficulties in returning to normalcy for many years.

VI. Risk Warning and Investment Advice

Investment advice :

• Withdraw available funds as soon as possible;

• Avoid storing assets in WazirX;

• Switch to authoritatively regulated platforms for trading.

VII. Conclusion

WazirX's $235 million hack has turned it from India's "largest exchange" into a "high-risk clearing platform."
⚠️Final Conclusion : WazirX has an extremely high risk level and is not recommended for continued use or investment.