In the wake of a staggering $230 million hack, WazirX, one of India’s leading crypto exchanges, is taking decisive action. Founder Nischal Shetty has announced the formation of a creditors’ committee to address the fallout from the incident and help users recover their funds.
The Aftermath of the Hack
On July 18, the platform suffered a significant breach, with approximately 45% of user funds stolen. This incident has left many users anxious and frustrated, as their assets remain frozen and the chances of full recovery look bleak.
Recognizing the urgency of the situation, Shetty addressed the WazirX community, emphasizing the need for unity. “We’re putting together a committee of creditors and we need YOU to be a part of it,” he stated. His goal is to ensure that every voice within the WazirX family is heard, fostering collaboration in finding a solution.
A Call to Action
In his official message, Shetty encouraged users to join forces in this challenging time. “The path to resolution lies in unity, moving forward hand in hand, driven by the shared goal of a fair and swift outcome for everyone,” he added.
This call for collective action reflects the urgency of the situation, as the crypto exchange is under intense scrutiny from users and regulators alike.
A Court’s Intervention
The recent ruling by the Singapore High Court granted WazirX a four-month moratorium, allowing the exchange time to develop a restructuring plan aimed at repaying affected customers. This legal breathing room is crucial for WazirX as it navigates the complexities of recovery.
Conclusion
As WazirX takes steps to address the consequences of the hack, the formation of the creditors’ committee represents a pivotal moment for the exchange. By engaging the community and working together, WazirX hopes to find a path forward that prioritizes user interests and restores trust in the platform.

I am Aparna Sahu
Investment Specialist and Financial Writer
With 2 years of experience in the financial sector, Aparna brings a wealth of knowledge and insight to Investor Welcome. As an accomplished author and investment specialist, Aparna has a passion for demystifying complex financial concepts and empowering investors with actionable strategies. She has been featured in relevant publications, if any, and is dedicated to providing clear, evidence-based analysis that helps clients make informed investment decisions. Aparna holds a relevant degree or certification and is committed to staying ahead of market trends to deliver the most up-to-date advice.