WazirX has announced a multi-step recovery plan including trading platform relaunch, new revenue streams, legal actions, and strategic partnerships to aid affected users.
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About WazirX Crypto Exchange
Launched in 2018, WazirX claims to be India’s fastest growing cryptocurrency exchange with over 400,000 users, with an average app rating of 4.6.
WazirX was acquired by Binance in November 2019. The goal of WazirX is to make crypto accessible to everyone in India. WazirX and Binance have launched a $50 Million USD ‘Blockchain For India’ fund. The exchange is available for the global audience, and key features include:
- Instant INR (fiat) deposit and withdrawal options
- Smart Token Fund to help crypto investors find expert traders, and let them manage their cryptocurrency portfolio
- World’s first auto-matching P2P engine with high liquidity
- 80+ tokens
- Login via Binance option
Founder: Nischal Shetty
Founded: 2017
Headquarters location: Mumbai
Parent organization: Binance Holdings Limited
Website: https://wazirx.com
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The WazirX hack in July 2024 resulted in a $230 million loss, sparking a blame game between the exchange and custodian Liminal. Forensic investigations clear Liminal, raising concerns about crypto security.
Due to the significant depletion of ERC-20 token reserves following the $230 million cyberattack on July 18, WazirX announced that it is unable to resume cryptocurrency withdrawals.
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The Crypto Investors Protection Fund (CIPF) is designed to compensate CoinDCX users for losses in rare scenarios such as security breaches or other adverse events.
Quick Take WazirX, India’s leading crypto exchange, has confirmed a breach involving one of its multisig wallets. The attack resulted in a theft exceeding $230 million.…
CZ said on August 5 that the company does not own Indian crypto exchange WazirX, a deal that was understood to be completed back in 2019.
The Series C funding round was led by Coinbase Ventures and Andreessen Horowitz (a16z), with participation from previous investors Sequoia Capital, Paradigm, Ribbit Capital and Tiger Global.
WazirX NFT platform will feature exclusive artwork from artists, photographers, and media professionals from India and some South African nations.
WRX is now amongst the top 100 cryptos worldwide with current market cap of $1.126 Billion.