WazirX Resumes Operations After $234.9 Million Hack and Restructuring
Written by Ohris M. Greyoon, Blockchain & Crypto Expert
- Operational Resumption: WazirX has resumed operations after completing a Singapore court-approved restructuring, marking a rare comeback following a shocking $234.9 million hack in July 2024, demonstrating resilience and recovery capabilities post-crisis.
- Ownership Dispute: Since its acquisition by Binance in 2019, WazirX has been embroiled in an ownership dispute with Binance, which denies holding any stake despite WazirX claiming to possess legal documents, leading to a prolonged litigation battle that has affected the company's reputation and operations.
- Risk Management Lessons: Founder Nischal Shetty noted that the past 15 months have been a profound learning experience, reshaping his understanding of risk, partnerships, and responsibility; despite the crisis, he views it as an opportunity for growth rather than regret.
- Community Trust Rebuilding: Following the hack, WazirX's relationship with Liminal Custody soured, with Shetty emphasizing that WazirX was the primary point of contact for users, and the company is now focused on rebuilding user trust to restore its position in the cryptocurrency market.
About the author
Ohris M. Greyoon
Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.
