The Bybit hack on February 21, 2025, saw $1.5 billion wiped out, making it one of the biggest crypto hacks ever. While most exchanges rushed to reassure users that their funds are safe post Bybit hack, WazirX had stayed completely silent. What’s worse? They quietly moved ₹606 crore out of Bybit just a day after the hack, without a word of explanation.
Months after the Rs 2000 crore hack in July 2024, WazirX had secretly moved Rs 606 crore worth of remaining user funds to Bybit exchange that was unregistered with India’s FIU back then. It was only a few weeks ago that Bybit was registered with the FIU.
Now, after the hack, WazirX has discreetly moved their funds from Bybit exchange without having felt the need to offer any explanation to their users.
WazirX users have been stuck for over seven months since the ₹2,000 crore hack in July 2024 and withdrawals are still frozen, while millions of users are awaiting a voting process by WazirX management for a restructuring scheme to be approved from the court.
Crypto analyst Aditya Singh called this out on X, sharing transaction proofs and saying: “WazirX had user funds on Bybit Exchange which they withdraw yesterday after the Bybit hack. Imagine if Bybit didn’t cover losses. What would have happened. This is another reason I have been asking Nischal to publish Live POR but Nischal Blocked me and till this date they have not published it.”
Meanwhile, CoinDCX and CoinSwitch assured their users they weren’t affected by the Bybit hack. But WazirX? Not a word.Â
Bybit, despite the massive hit, restored withdrawals within two days. Their CEO confirmed on-chain data showing operations were back to normal. WazirX, after 7.5 months, is still stuck. No fixes, no statements, nothing.
Nischal Shetty, once vocal about decentralization, has gone completely silent. While he’s busy with Shardeum and Web3 projects, WazirX users are left in the dark. Ask questions, and you’ll likely get blocked.
This isn’t just mismanagement, it’s outright neglect. They had the time and resources to safeguard their own funds but have ignored the very people who trusted them. No proof of reserves, no transparency, just silence.
If WazirX genuinely cared about its users, they would have addressed this long ago. But they haven’t. And that silence? It says everything. How much longer do users have to wait while WazirX pretends nothing happened?
WazirX users are back to square one, just like the day of the hack. There’s no progress, no effort, just a blatant disregard for their customers. Bybit, on the other hand, has moved swiftly to recover. This is the stark difference between a responsible exchange and one that just doesn’t care.
The question remains: Will WazirX ever address its users, or are they waiting for the noise to die down?
Also Read: WazirX crosses first hurdle, Can Nischal win trust of users again?
