WazirX Crypto Exchange Review 2025: Is It Safe to Return After the Hack?

WazirX was once India’s biggest crypto exchange - hitting 16 million users and handling over $5 billion in monthly trades. But in July 2024, everything changed. A security breach wiped out $230 million in user funds. For months, the platform went silent. Customers couldn’t withdraw. Support vanished. And trust? Gone.

Now, in early 2025, WazirX is trying to come back. The Singapore High Court approved its recovery plan in January. Monthly transparency reports are live. Security has been overhauled. But here’s the hard truth: they’re only offering to repay 85% of your money - and it’ll take 18 to 24 months to get it.

So is WazirX worth returning to? Let’s break down what’s real, what’s risky, and what’s changed since the collapse.

What WazirX Is Today

WazirX isn’t the same platform it was in 2021. It’s a company in recovery mode. Owned by Binance since 2019, it once had the tech power of the world’s largest exchange behind it. That gave it deep liquidity, fast trades, and low spreads - especially for INR pairs like BTC/INR or ETH/INR.

Today, it’s still connected to Binance’s infrastructure. That means trading speeds are still under 100ms, and order books are deep. But the big difference? WazirX now only supports Indian Rupees (INR). No USD, no EUR, no GBP. If you’re outside India, this exchange is useless to you.

It supports 250-295 cryptocurrencies, depending on the source. You can trade spot, use P2P (with zero fees), and access perpetual contracts - but only with 1:1 leverage. No margin trading. No shorting. No high-risk plays. It’s built for simple, straightforward buying and selling.

The app and website are still clean. Easy to use. Even if you’ve never traded before, you can buy Bitcoin in under five minutes. That hasn’t changed. But the feeling? It’s different. There’s a quiet tension now. Like walking into a house that survived a fire - the walls are still standing, but you’re not sure if the foundation is solid.

The $230 Million Hack - What Really Happened

The July 2024 breach wasn’t a simple phishing attack. It was a targeted exploit of a multi-signature wallet. Hackers gained control of keys that were supposed to require three approvals to move funds. Somehow, they got all three.

WazirX didn’t immediately disclose the loss. It took weeks for users to realize their funds were gone. Customer support channels were flooded. Emails went unanswered. Reddit threads filled with posts like: “Lost 2.3 ETH. No updates in 6 months.”

By August 2024, the exchange had shut down all trading and withdrawals. It stayed offline for 16 months.

What made it worse? The lack of transparency. No regular updates. No clear timeline. Users were left guessing. And when the first recovery plan was rejected by the Singapore court in January 2025, trust shattered further.

Now, the approved plan says: 85% of funds will be returned over 18-24 months. That means if you had $10,000 locked up, you’ll get back $8,500 - and only slowly. The remaining 15%? Gone. Forever.

That’s not just a financial loss. It’s a betrayal. For many, crypto was supposed to be about ownership. WazirX made them feel like they were depositing money in a bank - and then the bank vanished.

Security Upgrades - Too Little, Too Late?

After the hack, WazirX didn’t just patch a few holes. They rebuilt their security from the ground up.

Here’s what changed:

• Cold storage now holds 98% of assets (up from 95%)
• Quarterly security audits by Cure53 (used to be annual)
• Real-time AI monitoring for suspicious transactions
• Biometric login options (fingerprint, face ID)
• Mandatory withdrawal whitelisting - you can only send to pre-approved addresses
• Quantum-resistant encryption added to key systems
• Large withdrawals now have a 72-hour processing delay

These are serious improvements. Cure53, a top-tier security firm, called it “one of the most comprehensive overhaul efforts among compromised exchanges.” That’s high praise.

But here’s the problem: you can’t audit trust. You can’t see if a team is honest. You can’t measure if a company learned its lesson.

Security tools matter. But people remember when a company lied to them. When they disappeared. When they promised weekly updates and gave none.

Is WazirX safe now? Technically, yes. Emotionally? That’s another question.

Fees, Limits, and How It Compares

WazirX’s fee structure hasn’t changed much:

• Spot trading: 0.2% (can drop to 0.10% with high volume or WRX token holdings)
• P2P trading: 0% - no fees at all
• Withdrawal fees: Higher than CoinDCX or ZebPay
• Deposit fees: Free via UPI, NEFT, IMPS
• Referral program: Up to 50% of trading fees paid to you

Compared to other Indian exchanges, WazirX still has the best liquidity. If you’re trading BTC, ETH, or SOL in INR, you’ll get tighter spreads and faster fills than on ZebPay or Bitbns.

But CoinDCX offers USD, EUR, and GBP deposits. ZebPay has a better customer service track record. Bitbns has lower withdrawal fees.

WazirX’s only real edge now is its Binance connection. That’s it. Everything else? It’s either equal or worse.

And here’s the kicker: you need an Indian PAN card to use WazirX. No exceptions. No foreign IDs. No KYC bypass. If you’re not in India, you can’t even sign up.

Who Should Use WazirX Today?

Let’s be clear: WazirX isn’t for everyone.

Use WazirX if:

• You’re an Indian resident with funds locked in the exchange
• You’re okay waiting 18-24 months to get back 85% of your money
• You trust Binance’s backend more than your own judgment
• You want the easiest way to trade crypto with INR - and you’re not worried about the past

Avoid WazirX if:

• You’re outside India
• You want full access to your funds immediately
• You’ve lost money before and can’t risk another delay
• You’re looking for a fresh, trustworthy exchange

For most people, the better choice is to move on. CoinDCX, ZebPay, or even international platforms like Binance (if you can access them) are safer bets right now.

But if you’re stuck with WazirX - if your money is still there - then you’re not choosing to use it. You’re choosing to wait.

The Future: Recovery or Requiem?

WazirX’s roadmap says they’ll relaunch spot trading first, then P2P, then derivatives. Monthly transparency reports are now public. That’s a good sign.

But here’s what no one talks about: user retention.

Before the hack, WazirX had 43% of India’s crypto market share. Today? It’s below 5%. CoinDCX and ZebPay have swallowed most of that.

Even if WazirX runs perfectly for the next year, will users come back? Or have they moved on?

On Trustpilot, the rating is 3.8/5 - but most 5-star reviews are from before July 2024. The recent ones? They’re angry. They’re heartbroken. They’re done.

One user wrote: “I trusted them with my life savings. They failed. Now they want me to trust them again? No.”

WazirX has the tech. It has the backing. It has the plan.

But trust? That’s not something you can code. It’s not something you can audit. It’s something you earn - slowly, over time, by never breaking it again.

WazirX broke it. Badly.

Whether it can earn it back? That’s the real question.

What to Do If You’re Still on WazirX

If you have funds on WazirX right now, here’s what you should do:

1. Log in and confirm your wallet balance. Write it down.
2. Check your email for official updates from WazirX. Don’t trust third-party messages.
3. Read the Singapore court-approved recovery plan. Know exactly how much you’ll get and when.
4. Set a calendar reminder for 6 months from now. Check if the first tranche of funds has been released.
5. Start exploring alternatives. Even if you plan to wait, know your options.
6. Never deposit more money. This isn’t a trading platform anymore - it’s a recovery process.

And if you’re thinking of rejoining? Don’t. Wait until at least 6 months after full trading resumes. Watch for three things:

• Consistent monthly transparency reports
• Zero new security incidents
• Real customer support responses under 24 hours

If those don’t happen? Walk away. For good.

Final Verdict

WazirX isn’t dead. But it’s not alive either. It’s in limbo.

It has the strongest technical foundation of any Indian exchange. Its security upgrades are among the best in the industry. Its connection to Binance gives it unmatched liquidity.

But it also has the worst reputation. The biggest loss. The longest delay. The lowest recovery rate.

If you’re an Indian user with funds stuck on WazirX - you’re not choosing to trade. You’re choosing to wait. And you’re gambling that the people who failed you once will do better next time.

For everyone else? There are better options. Safer ones. Ones that haven’t broken your trust before.

WazirX might come back. But you don’t have to be there when it does.