Is WazirX users’ money safe?

February 22, 2025

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Bybit, one of many world’s high crypto exchanges, simply obtained hit by a large $1.46 billion hack on Friday night time, sending shockwaves via the crypto group. However whereas Bybit CEO Ben Zhou insists that each one consumer funds are 1:1 backed and protected, there’s one other urgent query, what about WazirX customers?

Again in July 2024, WazirX trade was hit by a cyber hack that resulted in $234.9 million (Rs 2000 crore) value of cryptocurrencies stolen, that belonged to 4.4 million customers of the Indian trade. Later, WazirX had utilized for a restructuring scheme to compensate customers and in that course of had transferred ₹606 crore (round $73 million) of consumer funds to Bybit, an trade that isn’t even registered in India.

Now that Bybit has suffered one of many largest hacks in current historical past, WazirX customers are left questioning: Is their cash caught up on this mess? The transfer by Nischal Shetty, co-founder of WazirX was criticized by many together with fellow exchanges like CoinDCX and CoinSwitch.

Alert: Even after hack, #WazirX had transferred Rs 606 crore of consumer funds to Bybit, that was unregistered in India.
Now, Bybit trade has been hacked with $1.46 Billion funds misplaced. Does that contain Wazirx customers cash as nicely? @CryptoTimes_io https://t.co/COr1pf1Ct7

— Vaibhav (@VJ_CryptoTimes) February 21, 2025

To this point, Bybit claims it may take up the losses with out affecting consumer funds. However with zero updates from WazirX, Indian buyers are feeling uneasy. If any of that ₹606 crore was a part of the stolen funds, issues may get difficult actual quick. Ben Zhou shared on X, stating, “Bybit is Solvent even when this hack loss is just not recovered, all of purchasers property are 1 to 1 backed, we will cowl the loss.”

Bybit is Solvent even when this hack loss is just not recovered, all of purchasers property are 1 to 1 backed, we will cowl the loss.

— Ben Zhou (@benbybit) February 21, 2025

Regulators in India have already been holding an in depth eye on crypto exchanges, and this incident may set off even tighter scrutiny on fund transfers. The large query is, will WazirX step up and provides customers readability, or will they keep silent and let hypothesis take over?

Proper now, WazirX customers are at the hours of darkness, ready for solutions. If Bybit’s losses find yourself affecting them, this might flip into one of many largest crypto controversies India has seen in years.