It’s been exactly one year since WazirX, once India’s most popular crypto exchange, reported a major hack: the disappearance of ₹2,000 crore worth of crypto assets. That’s $234.9 million gone in an instant.
Users have been stuck ever since. The platform remains offline. And funds are frozen.
There are updates from WazirX, but for most users, nothing has really changed.
WazirX’s Official Updates: Words, But What About Action?
On the hack’s one-year anniversary, WazirX posted a message saying: “Since then, our focus has been crystal clear: restore trust, distribute assets, and restart operations safely.” The firm claimed that it worked with global cybersecurity experts and law enforcement from the US, Japan, and South Korea. The company hosted eight public townhalls. It also got a moratorium from the Singapore High Court.
But when you look at the ground reality, users still haven’t gotten their money back. The platform’s X account is active. There are updates through emails. But none of that changes the fact that people’s crypto remains locked up.
What Did the Singapore Court Really Reveal?
On June 18, 2025, Singapore judge Kristy Tan said it straight in court. WazirX’s parent company, Zettai Pte. Ltd., was running its crypto business without the license it legally needed. In Singapore, one can’t operate in crypto without a Digital Token Service Provider (DTSP) license; it’s a strict rule.
What’s worse, Zettai had kept its Panama-based company, Zensui, completely hidden from users and the court.
The judge also highlighted that Zanmai Labs, WazirX’s India entity, has zero employees. This is the same Zanmai Labs that’s handling user fund distribution. How can a company with no staff handle crores worth of crypto payouts? That doesn’t add up. It’s a direct conflict between what WazirX says now and what was exposed in court.
The XRP Transfer Controversy: Funds Moved Before the Hack
Interestingly, court filings in the Bombay High Court showed that 55.25 million XRP coins were transferred before the hack. That’s ₹1,400–₹1,500 crore. Wallet addresses, transfer times, everything was documented. Blockchain experts confirmed the details.
If those transfers happened before the hack, can WazirX really claim it was all taken by North Korean hackers? Or was there more going on behind the scenes?
Reports from The Crypto Times add further weight. An exclusive investigation linked these pre-hack transfers directly to Zanmai Labs and Zettai Pte. And the details aren’t just speculative. They’ve been filed as part of an ongoing criminal writ petition in the Bombay High Court.
Romy Johnson’s Case: Users’ Balances Hidden?
Entrepreneur Romy Johnson (Toofaan Army) filed an affidavit in Singapore. His claim: the hacked wallets weren’t controlled by outsiders. They were multisig wallets managed by Zettai and Liminal.
Romy is demanding the return of unhacked tokens: Bitcoin, XRP, USDT, and INR balances. He says these funds are being deliberately held back from users under the pretext of a court process.
Also Read: Is the WazirX Hack a Lie? Users’ Question Official Story
What Romy’s filing highlights is the fact that many wallets labeled as “hacked” could actually still be accessed by WazirX’s own team. That means users’ funds could be sitting there, untouched, while the company delays distribution.
Payments Before the Hack: Where Did the Money Go?
A report dated June 28, 2025, revealed something else. Zanmai Labs transferred ₹342.28 crore to Qizil21 Software, co-founded by WazirX CEO Nischal Shetty, during the financial year before the hack. An over 12x jump from the previous year’s ₹28 crore.
Similar payment patterns were noted with another Shetty-linked firm, Shibuya Labs. These weren’t random transfers. This was serious money moved out before anyone knew there was a problem. It raises real questions about whether the hack was the only reason for WazirX’s troubles.
Now, users are openly asking: Was all this set up from the start? Why were those large fund transfers kept hidden before the hack?
Then, on July 16, 2025, after multiple hearings, the Singapore High Court reversed its earlier decision from June 4, giving WazirX a fresh chance to restructure. That old ruling had rejected WazirX’s restructuring plan, but now the court allowed them to try again with a fresh proposal.
The court allowed a revote on the amended plan, which now places fund distribution under Zanmai Labs instead of Zensui.
WazirX Co-founder Nischal Shetty said, “We will launch Proof of Reserves after WazirX restarts… Our focus now is to complete the revoting process as quickly as possible so that WazirX can restart and users can regain access to funds.”
But here’s the hard reality: even if everything goes as planned, users will recover only a fraction of what they lost. Someone who had invested ₹50,000–₹60,000 stands to recover only around ₹7,000–₹8,000. WazirX says it can only distribute 85% of the unhacked funds. The rest is gone.
And even that amount depends on the revote going through smoothly. The Singapore court’s moratorium has been extended until September 16, 2025. Until then, everything stays stuck.
One year on, users are still frustrated
Across X and crypto forums, people are talking, but most don’t sound hopeful. While a few still give WazirX credit for trying, many feel things have stretched on way too long with no real results.
One user shared, “WazirX was hacked 1 year ago, I lost ₹1149, but it led me to eventually start building something new.” Another wrote, “Dear WazirX—When everyone questioned, You showed up.” But a large number of comments reflect frustration and outright disbelief.
Concerns about IVR voting manipulation and opaque communication have only deepened user mistrust. Many feel that even though WazirX keeps sharing updates, they avoid addressing the real issues, like the pre-hack XRP transfers or why a zero-employee entity is now in charge of handling funds.
Some users have even filed police complaints in India, demanding action. But so far, there hasn’t been any conclusive investigation result from Indian authorities.
What Now? Waiting For Real Answers
As of July 18, 2025, WazirX users are waiting for two things: the result of the revote and the end of the Singapore High Court’s moratorium, now extended until September 16, 2025.
But two hard questions remain.
How can Zanmai Labs distribute funds if it has zero employees?
Was WazirX really hacked, or is that just a small part of a much bigger story?
Until those questions are answered and users actually see their money, confidence in WazirX and India’s crypto industry is not coming back.
This isn’t just about a hack anymore. It’s about trust that’s been lost, undisclosed deals, and thousands of users still stuck without answers. For now, all India’s crypto community can do is wait and hope this dragging story finally ends on a fair note.
Also Read: Rise and Fall of WazirX: Mapping India’s Biggest Crypto Hack
