WazirX Exchange: Journey from 2018 to 2025 – Growth, Challenges & Cyberattack in July 2024

Published: July 2025 | Category: Tech News.

Launched in 2018, WazirX has grown to become one of India’s most popular cryptocurrency exchanges. Founded by Nischal Shetty, it aimed to provide a secure, fast, and user-friendly platform for Indian investors to trade Bitcoin, Ethereum, and other cryptocurrencies. Over the years, WazirX has onboarded millions of users and handled billions in crypto transactions. Now Bitcoin (BTC) has entered another historic bull run in 2025, capturing the attention of investors, governments, and financial institutions worldwide.

Its partnership with Binance in 2019 significantly boosted credibility and international support. With a sleek UI, fast KYC, and INR deposit options, it became the go-to platform for newcomers and professionals alike.

Major Growth Milestones (2018–2022)

From 2018 to 2023, WazirX consistently ranked in the top 3 Indian crypto platforms. Key milestones include:

• 2018: Platform launch with BTC, ETH, XRP pairs & later Floki Inu, Shiba Inu etc.
• 2019: Acquisition by Binance (world’s largest exchange)
• 2020: Launch of WRX token (WazirX’s native token)
• 2021: 10 million+ verified users
• 2022: Daily trading volume exceeded ₹5,000 crore

Controversies and Regulatory Pressure

Despite its success, WazirX was often under the radar of Indian regulatory authorities like ED (Enforcement Directorate) and RBI. In 2022, it faced scrutiny over suspected foreign exchange violations. WazirX maintained that it complies with all regulations, but these developments created uncertainty for investors.

The Cyberattack of July 2024

On July 9, 2024, WazirX experienced a major cybersecurity breach that shook the Indian crypto community. Hackers exploited a vulnerability in their third-party API integration system. Nearly $8 million worth of crypto assets were reportedly stolen from user hot wallets.

Here’s a timeline of the events:

• July 9: Sudden withdrawal spikes noticed by users
• July 10: WazirX halts withdrawals temporarily
• July 11: Official announcement of hack and internal investigation
• July 13: Binance denies operational control over WazirX
• July 15: WazirX begins compensation for affected users

Post-attack, WazirX upgraded its security framework and began working with global cybersecurity firms to improve infrastructure.

WazirX in 2025: What’s New?

As of 2025, WazirX is in recovery mode. The platform now offers:

• Enhanced 2FA & biometric security
• Insurance cover for digital assets
• AI-based fraud detection systems
• Seamless integration with international cold wallets

The number of active users has rebounded to 8 million+, and the WRX token is regaining value slowly. However, trust among veteran investors remains cautious.

Conclusion: The Road Ahead for WazirX

WazirX’s journey is a classic tale of innovation, success, and crisis. From being a market leader to surviving a cyberattack, the platform has shown resilience. With tighter regulations and growing competition from other Indian crypto exchanges like CoinDCX, CoinSwitch, and Bitbns, WazirX must continue to evolve in 2025 and beyond. Connect with us via our contact page for daily updates.

WazirX Latest News: https://wazirx.com/blog

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