the impact of the WazirX hack, which led to a $230 million loss and affected withdrawal processes.
WazirX co-founder Nischal Shetty recently answered questions about who owns and runs the cryptocurrency exchange. In a chat on Twitter with crypto influencer Pushpendra Singh, Shetty shared an update on how the platform is doing.
He explained that he’s running the exchange “on their behalf until the dispute is settled.” When asked for more details on how trades are being handled without full access, Shetty said he couldn’t share specifics due to confidentiality rules.
“I can’t get into any more particulars because of confidentiality obligations,” Shetty added.
WazirX is one of India’s top cryptocurrency exchanges, founded in 2018 by Nischal Shetty, who also serves as the CEO. In a transparency report published in late April, WazirX was recognized as the country’s leading crypto exchange by trading volume, reaching over $400 million in March.
However, the company doesn’t share its market data with major independent platforms like CoinMarketCap or CoinGecko.
Recently, WazirX introduced a phased system for withdrawing Indian Rupees (INR). Initially, users could withdraw up to half of their available 66% INR balance, and the exchange lowered withdrawal fees from 25 INR to 10 INR per transaction. But this process was paused due to what Shetty called “massive INR freezes.”
Shetty explained that the inability to fully release user funds is because some assets are frozen, a problem he says other Indian crypto exchanges face as well. This situation follows a suspected North Korea-linked hack in July that led to a $230 million loss.
The recent reopening of INR withdrawals marked the first time users could access funds since the hack.
