WazirX says a security breach on July 18, 2024, stole more than $230 million in digital assets from one Ethereum multisignature wallet. The exchange initially halted INR and crypto deposits and withdrawals, along with trading. Later milestones included limited, staged INR access, a Singapore creditor restructuring, a platform restart in October 2025 and a first scheme distribution reported in January 2026. Those events do not, by themselves, confirm what any individual account can withdraw today.
What happened in the July 2024 WazirX breach?
WazirX reported that attackers targeted one multisignature wallet managed using Liminal’s custody and wallet infrastructure. The company described the wallet as an Ethereum multisig holding ETH and ERC-20 tokens, and said the stolen digital assets exceeded $230 million. That is WazirX’s rounded description of the loss, not an independently established forensic total.
A multisignature wallet requires more than one signature to authorize a transaction. WazirX’s public updates identify the wallet type and custody arrangement, but the material available here does not establish the precise exploit mechanism or a final public attribution. The exchange said INR funds and funds on other blockchains were unaffected by the attack; that statement concerns the reported attack’s direct impact, not the later effects of the trading halt and restructuring on customer claims.
Why did WazirX stop withdrawals and trading?
On July 21, 2024, WazirX said it had paused INR and crypto deposits and withdrawals and halted trading while it investigated the incident and assessed collateral effects. The company said the loss affected its ability to maintain 1:1 collateral. Its initial notice described the suspension as temporary, but users then faced a longer process involving staged INR access and creditor restructuring.
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WazirX also reported contacting exchanges, conducting forensic and security work, reporting the incident to law enforcement, and offering a bounty. Those were company-reported response actions; they do not establish that the stolen assets were recovered or that a final recovery amount has been determined.
How did the withdrawal and restructuring timeline unfold?
| Date or period | Milestone | What it meant for users |
|---|---|---|
| July 18, 2024 | WazirX says the breach occurred and more than $230 million in digital assets were stolen from one wallet. | The incident affected the exchange’s ability to maintain 1:1 collateral. |
| July 21, 2024 | WazirX announced a halt to INR and crypto deposits and withdrawals, and to trading. | This was the initial broad suspension, not the later staged INR reopening. |
| August–September 2024 | WazirX phased INR withdrawals for eligible users. Its timeline says access was capped at up to 66% of INR balances and that phase 2 was brought forward to September 3. | This was limited historical INR access for eligible users, not a general reopening of crypto withdrawals. |
| After the July 18 halt | WazirX says it restored account balances to their July 18, 1 p.m. IST state and reversed trades made after the withdrawal stoppage. | Balance restoration and trade reversals were account adjustments; they do not themselves establish that the affected value was available for immediate withdrawal. |
| 2025 | WazirX pursued a Singapore Scheme of Arrangement. Its timeline recounts an initial Singapore High Court refusal in June, further proceedings, a creditor revote and sanction of an amended scheme in October. The company reported that 95.7% of voting creditors, representing 94.6% of associated Approved Claims, supported the amended scheme in the revote. | The scheme provided the creditor-restructuring route. The vote percentages are WazirX-reported, not an independent survey. |
| October 15 and 24, 2025 | WazirX says the scheme became effective October 15 and the platform restarted October 24. | Scheme effectiveness and platform operations restarting were separate milestones; neither alone confirms unrestricted withdrawals for every account. |
| January 2026 | WazirX said eligible users received the first distribution, representing approximately 85% of Approved Claims at reference token prices, and that Recovery Tokens had been allocated within the scheme timeline. | This was a scheme distribution measured against Approved Claims at reference prices, not a promise that each user recovered 85% of their portfolio’s original or current market value. |
What did the first distribution and Recovery Tokens represent?
WazirX’s January 2026 update describes the first distribution as approximately 85% of eligible creditors’ Approved Claims, valued using the scheme’s reference token pricing. Approved Claims and a portfolio’s market value are different measures: the reported percentage should not be read as an 85% recovery of the original dollar value of every user’s assets, or as a guarantee about the value of any later payment.
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Recovery Tokens are part of the scheme’s mechanism for possible future recoveries. WazirX says they have been allocated to eligible users and are not currently tradable. The company’s support information says a future buyback may depend on scheme conditions, including sufficient profits and recovered illiquid assets. Allocation is therefore not the same as an immediately redeemable or freely tradable asset.
Can WazirX users withdraw crypto now?
The published milestones summarized here do not establish current withdrawal types or limits for an individual account. A platform restart, historical INR withdrawal phases, and a scheme distribution are not proof that a particular user can now withdraw crypto or INR without restrictions. Check the live notices and withdrawal options shown in your official WazirX account, and contact WazirX support if the available options do not match your understanding of your scheme status. Do not rely on an old withdrawal announcement to infer current account permissions.
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What is known about the investigation and recovery?
WazirX’s support information directs users to its dated incident updates and says its advisors are tracing assets and developing recovery strategies. The material cited here does not establish a final public attribution, a final total recovery figure, or the amount of stolen crypto ultimately recovered. Treat statements about the incident, response and scheme outcomes as WazirX’s own reporting unless independently confirmed.
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