WazirX Exchange’s Actions Post-Bybit Hack

• WazirX Exchange Secretly Moved Funds Out of Bybit After the Hack.
• WazirX Remained Silent, While CoinDCX and CoinSwitch Assured Their Users Weren’t Affected by the Hack.

The recent Bybit hack shook the crypto industry, wiping around $1.5 billion worth of ETH from the exchange. Despite the huge loss, Bybit maintained its composure and addressed the issue promptly, restoring liquidity and allowing users to withdraw within a couple of days. Meanwhile, WazirX secretly moved funds out of Bybit without any explanation or announcement.

> Just In: WazirX had user funds on Bybit Exchange, which they withdrew yesterday after the Bybit hack.
> Imagine if Bybit didn’t cover losses, what would have happened. This is why we’ve been asking Nischal to publish Live POR, but instead, he blocked me…
> — Aditya Singh (@CryptooAdy) February 23, 2025

Co-founder of Crypto India and market analyst, Aditya Singh, brought the news to light. He identified a series of USDT transactions representing fund flow from Bybit’s hot wallet to WazirX’s hot wallet on February 23. WazirX moved around 600 crore worth of funds discreetly from Bybit.

Aditya questioned what would have happened if Bybit had not covered losses. Moreover, there wasn’t a single post addressing users or announcing the withdrawal from WazirX’s official accounts on X.

Has WazirX Got Something to Hide?

The WazirX hack that occurred in July 2024 wiped out around 2000 crore worth of funds. Since then, the exchange has merely informed its users about recovery plans and updates with little actual action taken to assist victims. Aditya reiterated:

> “This is another reason – why we have been asking Nischal to publish Live POR, but instead, Nischal blocked me, and till this date, they are hiding POR.”

In contrast, other top Indian crypto exchanges CoinDCX and CoinSwitch addressed their users, assuring them that their funds are safe and that the Bybit hack did not impact their users. However, WazirX has not made a single announcement or explanation despite withdrawing around 600 crore worth of funds in USDT from Bybit just days after the hack.

WazirX’s silence raises questions within the industry about whether they are genuinely making efforts to redistribute funds to the victims. If the exchange continues its silence on the Bybit hack while delaying the redistribution of funds, it could damage its long-term reputation.