#WazirXScamOrHack

🛑 WazirX Scam Overview (As of July 2025)

1. Massive Hack (July 2024):

WazirX lost $234 million (₹2,000 crore) due to a multisig wallet breach allegedly by North Korean Lazarus Group. The attackers exploited a leaked private key and upgraded to a malicious smart contract.

2. Controversial Recovery Plan:

WazirX introduced a “socialized loss” policy, returning only about 55% of user funds. Many users felt cheated, especially those who held high-performing assets.

3. Legal Troubles:

Delhi Court advised CBI to take over the ₹2,000 crore fraud probe.

Investigated by Enforcement Directorate (ED) and Narcotics Control Bureau for money laundering.

4. Failed Restructuring:

In June 2025, the Singapore High Court rejected WazirX's restructuring plan, casting more doubt on the exchange’s ability to recover or operate normally.

5. Damaged Reputation:

Despite prior claims of strong security (2FA, KYC, 95% cold storage), user trust is shattered. Many users report frozen withdrawals, and Indian influencers now mock WazirX as a “chit fund scam.”

⚠️ Final Verdict:

WazirX is not a scam by design, but has become high-risk due to:

Poor crisis handling

Unfavorable refund policies

Ongoing legal scrutiny

Loss of user trust