$240M Hacked Exchange WazirX Reopens Deposits But Faces Major Community Backlash 🇮🇳🔥
Indian crypto exchange WazirX, which suffered a $240 million hack in May 2023, has reopened INR and crypto deposits, signaling the first phase of its long-awaited platform restart.
Founder Nischal Shetty confirmed that the funds page has been rebalanced with updated token data and that the team’s next focus is to enable withdrawals and trading, expected to go live soon.
Shetty noted that WazirX has partnered with BitGo, a leading digital asset custodian securing over $90 billion globally, to manage its cold wallets — emphasizing a “secure and transparent restart.”
He added that the exchange aims to recover losses and create value for affected users, announcing that trading will resume on October 24 with zero trading fees for at least 30 days to support the community during the comeback phase.
However, the restart has not gone smoothly for everyone.
💥 Community Backlash Erupts Over Fund Discrepancies
Several users on X have accused WazirX of misleading rebalancing figures, claiming their credited balances were significantly lower than what was displayed before the update.
A user named MASTER Crypto alleged discrepancies between the Net Liquidation Portfolio Value (NLPA) shown earlier and the final wallet amounts. Others called for full transparency and audited data, warning that trust in the platform is at stake.
While Shetty remains optimistic about rebuilding confidence, users continue to demand clearer communication on how losses and rebalancing were calculated.
Meanwhile, India’s broader crypto scene has faced its share of setbacks — with CoinDCX reportedly losing $44 million earlier this year.
As WazirX prepares to reopen trading, the question remains — can the exchange regain user trust after one of India’s biggest crypto hacks? ⚖️