Hacking aftermath: WazirX investors demand exchange to allow trading ahead of next bull run

The exchange ceased operations five days after it was hacked in July 2024

People who invested in WazirX, an Indian cryptocurrency exchange that was hacked, are now demanding that the platform allow trading by de-freezing wallets ahead of the next bull run in the crypto market. The investors are anticipating a crypto boom after April.

The exchange ceased operations five days after it was hacked in July 2024. The hack led to the loss of ₹2,000 crore. Despite the hack, the exchange remained operational for five days, accepting investments and failing to alert users.

WazirX has now outlined a refund scheme to compensate the investors whose money is stuck in the exchange. The investors are also furious about the company recently moving ₹600 crore from ByBit, another exchange hacked on February 21. A public service announcement by the Federal Bureau of Investigation (FBI) of the U.S. linked the hack to North Korea.

Mockbul Haque, who was trading Theta coins, told The Hindu, “I have been investing in WazirX since 2021, and my total investment is ₹2.20 lakh. After the hack, the wallet balance is ₹94,000. With the new refund plan, the exchange is offering to provide merely 85% of the wallet balance.”

He said that investors are now keen on the compensation programme and want the crypto entity to allow trading, at least ahead of the next bull run. “The investors are expecting a jump in the market after April. Otherwise, the investors would lose money.”

Mr. Haque said the exchange is secretive about keeping the funds in different exchanges, and everyone came to know about it only after WazirX moved funds from ByBit.