WazirX, once India’s largest cryptocurrency exchange, has been at the center of intense scrutiny following a devastating security breach.
If you’re wondering whether WazirX is safe for your crypto exchange, this comprehensive analysis examines the platform’s current security status, user experiences, and recovery efforts.
WazirX Review
WazirX took the initiative to start reporting transactions to the Financial Intelligence Unit as early as August 2022, even before laid-down requirements, and was quick to register as a reporting entity with the FIU after the March 2023 guidelines.
Compliance Achievements:
- WazirX (Zanmai Labs) is among 28 entities that registered with the Financial Intelligence Unit-India under PMLA requirements.
- Exchange started reporting transactions to India’s Financial Intelligence Unit well ahead of the requirement, establishing itself as a leader in compliance within the crypto realm.
- Proactive approach to Anti-Money Laundering (AML) and Counter-Financing of Terrorism (CFT) compliance.
Is WazirX Safe in India?
Well, it was considered safe before a security breach and hacking incident on July 18, 2024.
The platform experienced a catastrophic security breach when hackers, attributed to North Korea’s Lazarus Group, stole approximately ₹1,963 crore from the exchange.
Due to this, investors faced a lot of trouble as:
- 55% of user funds were compromised in the attack
- WazirX controversially implemented a “socialized loss” model where every user absorbed part of the damage
- The hacker laundered stolen funds to various addresses using Tornado Cash to obscure transactions, dampening hopes of full recovery
- All trading and withdrawals were suspended immediately following the hack
WazirX Platform Restructuring
October 24, 2025: WazirX relaunched operations after completing a restructuring process approved by the High Court of Singapore.
Key improvements include:
- Strengthened KYC/AML protocols
- Trials with BitGo custody partnership underway to strengthen on-chain custody and institutional controls
- Real-time monitoring for suspicious activity
- Updated platform interface, including a refreshed token balance page, enabling clearer tracking of user assets and deposits
WazirX Customer Reviews
There are mixed reviews from different users regarding this platform:
User sentiment reveals deep-seated trust concerns across multiple review platforms:
Overall Rating
- 1.8 out of 5 stars on Trustpilot (based on over 140 reviews)
- According to Tradelize, the feedback is overwhelmingly negative
WazirX Complaints
Users consistently report issues with:
- Frozen funds without explanation
- Withdrawal delays extending for weeks or months
- Unresponsive customer support
- Support takes 2-3 days to reply, and responses are automated bulk responses, with users not getting replies when they revert back
- Lack of communication during critical periods
Customer Support Issues
The consumer satisfaction score of WazirX is 55.00% because out of 60 consumer complaints, only 33 are resolved.
Common support complaints include:
- No direct phone number for immediate assistance
- Long wait times for email responses
- Automated responses that don’t address specific issues
- Difficulty escalating complex problems
How to File Cryptocurrency Complaints in India?
If you’ve been affected by the WazirX breach or suspect fraudulent activity, here’s how to report online scams in India:
1. File a cyber crime complaint
- Visit cyber crime portal.
- To file a complaint in Cyber Crime, click “Report Cybercrime”, select “Financial Fraud”, and then select “Cryptocurrency Fraud”.
- Submit all transaction IDs, screenshots, and platform details to receive a tracking number.
2. File an FIR with the Local Police
Visit your local police cybercrime cell with ID proof, transaction records, screenshots, and email communications to file an FIR.
3. Consumer Forum Complaint
File online at edaakhil.nic.in for service disputes and fund recovery issues with WazirX.
4. File a Complaint in SEBI
Although crypto platforms are not regulated, you can highlight the risk of the platform by sending an email to SEBI.
Need Help?
Register with us today to get expert assistance and detailed guidance on verifying your eligibility and recovering your WazirX funds.
Conclusion
Is WazirX safe? The answer is complex.
While the platform has implemented enhanced security measures through its BitGo partnership and court-approved restructuring, the devastating 2024 hack and resulting loss of user confidence cannot be ignored.
The platform’s credibility has been significantly impacted by the security breach and socialized loss decision, with customer service delays and recurring complaints about frozen funds dampening user confidence.
For Indian crypto investors, WazirX can serve as a convenient fiat-to-crypto bridge for small transactions, but it should not be trusted as a long-term storage solution.
The platform’s future reputation depends entirely on delivering consistent security, transparent operations, and completing user fund recovery.
Until WazirX rebuilds trust through sustained operational excellence, users should proceed with extreme caution and maintain strict withdrawal discipline.
