WazirX was once India’s biggest crypto exchange. By 2021, it had over 16 million users and handled $5.4 billion in trades every month. It wasn’t just popular-it was trusted. Then, in July 2024, everything changed. A security breach wiped out $230 million in user funds. The platform shut down. For 16 months, users waited. No updates. No answers. Just silence.
Today, in early 2026, WazirX is trying to come back. The Singapore High Court approved its recovery plan in January 2025. It promises to return 85% of lost funds over the next 18-24 months. But here’s the hard truth: WazirX is no longer just another exchange. It’s a test case for trust in crypto.
What Happened to WazirX?
The 2024 hack wasn’t a small glitch. It was a total collapse of security controls. Attackers gained access to a multi-signature wallet-the kind meant to be unbreakable. They moved funds out in minutes. The exchange didn’t detect it until it was too late. That’s not a hacker win. That’s an internal failure.
Before the breach, WazirX stored 95% of assets in cold storage. Afterward, they raised it to 98%. They added quantum-resistant encryption. They now require withdrawal whitelisting, biometric logins, and real-time AI monitoring. Quarterly audits by Cure53 replaced annual ones. These aren’t upgrades-they’re damage control.
But technical fixes don’t fix trust. Reddit threads from September 2024 still show users saying, “I lost 2.3 ETH. Customer support hasn’t replied in 8 months.” Trustpilot reviews from early 2025 still carry the same tone: “I loved this app before the hack. Now I don’t know if I can believe anything they say.”
Is WazirX Safe to Use Now?
Technically? Yes. The security measures are among the strongest in the industry post-breach. Cure53, a top-tier security firm, called WazirX’s overhaul “one of the most comprehensive efforts among compromised exchanges.” That’s not empty praise. It’s a professional validation.
But safety isn’t just about encryption. It’s about accountability. And here’s the problem: WazirX isn’t returning 100% of your money. They’re returning 85%. The rest? Gone. Forever. And there’s no legal guarantee that even that 85% will be paid on time. The plan is court-supervised, but it’s still a promise on paper.
Compare that to CoinDCX or ZebPay. Both stayed operational during the hack. Both returned 100% of funds. No delays. No partial payouts. No legal battles. If you lost money on WazirX, you’re not just waiting for cash-you’re waiting for justice.
How Does WazirX Work Today?
As of early 2026, WazirX has restarted spot trading. P2P trading is back. Derivatives and margin trading are still paused. You can only trade in Indian Rupees (INR). No USD, no EUR, no GBP. If you’re outside India, you can’t use it. That’s not a limitation-it’s a wall.
The app still works. Fast. Clean. Simple. Execution speed is under 100ms. The interface hasn’t changed. It’s still one of the easiest crypto apps for beginners. You can deposit as little as $1 (₹83). There are no fees on P2P trades. Referrals pay up to 50% of trading fees. These aren’t small perks. They’re real advantages.
But here’s what’s missing: transparency. Before the hack, WazirX published monthly reports. Afterward, they stopped. Now they’ve restarted them-but they’re dry. No breakdowns of wallet addresses. No proof of reserves. Just status updates. “Security systems are active.” “Audit completed.” That’s not reassurance. It’s corporate speak.
WazirX vs. CoinDCX, ZebPay, Bitbns
India’s crypto market has changed since 2024. WazirX used to own 43% of the market. Now, it’s below 5%. CoinDCX leads with 32%, ZebPay at 28%, Bitbns at 15%. Why? Because they didn’t break.
| Feature | WazirX | CoinDCX | ZebPay | Bitbns |
|---|---|---|---|---|
| Fiat Support | INR only | INR, USD, EUR | INR, USD, EUR | INR only |
| Trading Pairs | 250+ | 300+ | 280+ | 220+ |
| Spot Trading Fees | 0.10%-0.40% | 0.10%-0.20% | 0.10%-0.25% | 0.20%-0.40% |
| P2P Fees | Free | Free | Free | Free |
| Security Breach History | Yes ($230M) | No | No | No |
| Fund Recovery Plan | 85% over 18-24 mos | N/A | N/A | N/A |
| International Access | No | Yes | Yes | No |
WazirX still has Binance’s backend. That means deeper liquidity and tighter spreads than any Indian exchange not connected to Binance. But if you’re not in India, or if you lost money, that doesn’t matter. What matters is: can you sleep at night?
Who Should Use WazirX Today?
There are only two groups who should even consider WazirX in 2026.
Group 1: Users who lost money and are waiting for recovery. If you had funds locked in WazirX before the hack, you’re already in. There’s no other way to get your 85% back. You’re not choosing WazirX-you’re stuck with it. The court-approved plan is your only path. Don’t try to move funds elsewhere. You can’t. Not yet.
Group 2: New Indian traders who don’t know the history. If you’re 18, just got your first crypto paycheck, and never heard of the 2024 breach, WazirX is still the easiest app to start with. Low fees, fast trades, simple interface. But you need to know what you’re getting into. Read the fine print. Understand that this exchange has failed before. And it might fail again.
Everyone else? Look elsewhere. CoinDCX has multi-currency support. ZebPay has better customer service. Bitbns has lower fees for high-volume traders. And none of them lost $230 million.
The Binance Connection: Lifeline or Liability?
WazirX was bought by Binance in 2019. That’s why it grew so fast. Binance gave it liquidity, tech, and global credibility. But after the hack, Binance didn’t step in to cover losses. Not a rupee. Not a word. That’s not a failure of technology. That’s a failure of ethics.
Binance is the world’s largest exchange. It has billions in reserves. It could have reimbursed WazirX users. It chose not to. Why? Because WazirX is legally separate. Because Binance doesn’t want to set a precedent. Because it’s easier to let a local exchange take the fall.
That’s the real lesson here. When you use a platform tied to a giant, you’re not protected by that giant. You’re just another data point in their balance sheet.
What’s Next for WazirX?
The roadmap is simple: restore spot trading → bring back P2P → relaunch derivatives. That’s it. No new features. No global expansion. No marketing blitz. Just survival.
Industry analysts are split. Blockchain India Fund thinks WazirX could regain 60% of its old user base by late 2026-if the recovery plan works. CryptoSecurity Insights says it’s a lost cause. “Trust doesn’t come back with a press release,” they wrote. “It comes back with years of flawless performance.”
WazirX’s future isn’t written in code. It’s written in patience. And patience is running out.
If you’re still holding out for your funds, track the monthly transparency reports. Check if withdrawals are processing. Watch for delays. If you see anything off-leave. Don’t wait for a “better time.” There won’t be one.
If you’re new to crypto in India? Start with CoinDCX or ZebPay. Learn the ropes. Build your portfolio. Come back to WazirX in 2028-if it’s still alive.
Frequently Asked Questions
Is WazirX safe to use in 2026?
Technically, yes-its security systems are now among the strongest in India. But safety isn’t just about encryption. It’s about trust, and WazirX lost that in 2024. If you’re a new user, you’re taking a risk. If you’re a former user waiting for funds, you’re already committed.
Can I still withdraw my funds from WazirX?
Yes, but only if you’re part of the court-approved recovery plan. WazirX is returning 85% of lost funds over 18-24 months. Withdrawals are limited and processed in batches. There’s no option to withdraw your full balance. You can’t opt out of the plan.
Why does WazirX only support INR?
WazirX was built for the Indian market. After the 2024 hack, it focused only on regaining its core user base. Adding other fiat currencies would require new banking partnerships and compliance layers it’s not ready for. It’s a strategic retreat, not a feature.
Is WazirX owned by Binance?
Yes, Binance acquired WazirX in 2019. But after the 2024 hack, Binance did not provide financial support to cover losses. WazirX operates independently under Indian law. Binance provides backend infrastructure, but not financial backing or legal responsibility.
What’s the best alternative to WazirX in India?
CoinDCX is the top choice. It supports multiple fiat currencies, has no history of major breaches, offers lower fees, and has better customer support. ZebPay is a close second, especially for beginners. Both are safer, more transparent, and more reliable than WazirX in 2026.
Will WazirX ever fully recover?
It’s possible-but unlikely. Recovery means more than restarting trading. It means regaining trust. And trust, once broken, takes years to rebuild. Most users have already moved on. Unless WazirX delivers flawless performance for the next 3-5 years, it will remain a shadow of its former self.
Final Verdict
WazirX isn’t dead. But it’s not alive either. It’s in limbo. A ghost of a once-dominant platform, clinging to life through legal loopholes and technical fixes.
If you’re waiting for your money, you’re not investing-you’re hoping. And hope isn’t a strategy.
If you’re new to crypto in India, start somewhere else. There are better options. Safer ones. Ones that didn’t lose $230 million.
WazirX’s story isn’t about crypto. It’s about what happens when a company grows too fast, ignores risk, and then tries to rebuild on broken ground. The tech is fixed. The people aren’t.
