Bybit, one of the world’s top crypto exchanges, just got hit by a massive $1.46 billion hack on Friday night, sending shockwaves through the crypto community. But while Bybit CEO Ben Zhou insists that all user funds are 1:1 backed and safe, there’s another pressing question, what about WazirX users?
Back in July 2024, WazirX exchange was hit by a cyber hack that resulted in $234.9 million (Rs 2000 crore) worth of cryptocurrencies stolen, that belonged to 4.4 million users of the Indian exchange. Later, WazirX had applied for a restructuring scheme to compensate users and in that process had transferred ₹606 crore (around $73 million) of user funds to Bybit, an exchange that isn’t even registered in India.
Now that Bybit has suffered one of the biggest hacks in recent history, WazirX users are left wondering: Is their money caught up in this mess? The move by Nischal Shetty, co-founder of WazirX was criticized by many including fellow exchanges like CoinDCX and CoinSwitch.
So far, Bybit claims it can absorb the losses without affecting user funds. But with zero updates from WazirX, Indian investors are feeling uneasy. If any of that ₹606 crore was part of the stolen funds, things could get complicated real fast. Ben Zhou shared on X, stating, “Bybit is Solvent even if this hack loss is not recovered, all of clients assets are 1 to 1 backed, we can cover the loss.”
Regulators in India have already been keeping a close eye on crypto exchanges, and this incident could trigger even tighter scrutiny on fund transfers. The big question is, will WazirX step up and give users clarity, or will they stay silent and let speculation take over?
Right now, WazirX users are in the dark, waiting for answers. If Bybit’s losses end up affecting them, this could turn into one of the biggest crypto controversies India has seen in years.
Also Read: Breaking: Bybit Exchange Hacked; $1.5 Billion in Crypto Lost
