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Scan for outdated or missing drivers - takes under a minuteDriver Scan →Clear out junk files and repair common Windows errorsFree Scan →WazirX confirmed that a cyberattack on July 18, 2024, drained more than $230 million in crypto from a multisignature wallet. Later estimates put the loss at roughly $234 million to $235 million, depending on valuation and assets counted. Withdrawals were halted, and the exchange’s operator later used a court-approved Singapore restructuring scheme to distribute available value to eligible creditors. WazirX reported an initial distribution of about 85% of approved claim value under the scheme’s valuation method—but that did not mean the stolen coins had all been recovered or every user was made whole.
What happened in the WazirX breach?
On July 18, 2024, suspicious transactions moved crypto out of a WazirX multisignature wallet. WazirX reported a loss of more than $230 million; contemporaneous reporting put the value at approximately $234 million to $235 million. The difference reflects valuation timing and which assets are counted, so “$230 million” is a rounded headline figure, not a precise final valuation. WazirX’s incident timeline and TechCrunch’s reporting document the event.
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The immediate target was a particular wallet, not necessarily every part of WazirX’s systems. But the loss left the platform without enough crypto to meet all affected users’ recorded balances in the original tokens. WazirX suspended crypto withdrawals and eventually pursued a legally binding allocation of assets rather than allowing customers to withdraw on a first-come, first-served basis.
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How the wallet worked—and what remains disputed
A multisignature, or multisig, wallet requires approvals from multiple authorized signers before it can send assets. The arrangement is intended to reduce the danger of one compromised key being enough to move funds. WazirX’s wallet used Liminal’s custody and wallet infrastructure, including a transaction interface through which activity was presented to signers.
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The companies have offered different accounts of the security boundary. WazirX alleged a discrepancy between information shown in Liminal’s interface and the actual transaction contents. Liminal said its own infrastructure remained secure and described the affected wallet as a WazirX self-custody multisignature smart-contract wallet. Those are competing company statements, not a settled public technical finding. WazirX’s technical FAQ, Liminal’s response and contemporaneous reporting describe the dispute.
- Established: Crypto was transferred from the multisignature wallet on July 18, 2024, and WazirX halted crypto withdrawals.
- Attributed claims: WazirX alleged a transaction-display discrepancy; Liminal said its infrastructure remained secure.
- Not established in the public material cited here: the precise technical exploit, whether private keys were extracted, and a conclusive allocation of civil liability.
Multisig is not a guarantee against a malicious or misleading transaction. Risks can remain if signers rely on the same compromised interface, fail to inspect the actual contract action, share administrator controls or approve transfers without independent checks. A hardware device may protect a key from extraction, but it cannot make a signer’s approval safe if the transaction itself is misunderstood.
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Who was blamed for the attack?
WazirX said investigators, including the FBI, traced the attack to North Korea’s Lazarus Group. A Japan Ministry of Foreign Affairs report discusses North Korean cryptocurrency theft activity and the WazirX theft. This is investigative attribution reported by WazirX and reflected in government context; it is not the same as a court judgment resolving who is legally responsible to customers. WazirX’s one-year update and the Japanese government report provide that context.
Blockchain records can show transactions and the movement of assets between addresses, but tracing alone does not identify the person controlling an address or determine legal ownership. Attribution of a criminal operation and responsibility under custody contracts or negligence law are separate questions.
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Why WazirX could not simply reopen crypto withdrawals
After the theft, WazirX said users’ recorded crypto balances exceeded the assets available for some tokens. Reopening withdrawals without an agreed allocation could have allowed customers who acted first to take a larger share of scarce assets, leaving later users with less. The operator therefore sought a Singapore Scheme of Arrangement, a court-supervised process for allocating available value and setting rules for possible future recoveries. WazirX’s explanation of the withdrawal suspension and its scheme filing announcement explain the rationale.
The crypto restructuring did not apply in the same way to INR balances. WazirX said the breach affected crypto assets, while INR balances were not affected and did not need restructuring. It also said post-attack deposits were outside the scheme and were to be returned in full, in the same token denomination where possible; customers in that position should check the applicable account and scheme terms. See the exchange’s INR and crypto FAQ and post-attack deposit FAQ.
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WazirX breach and restructuring timeline
| Date | What happened |
|---|---|
| July 18, 2024 | Suspicious transactions drained more than $230 million in crypto from a multisignature wallet; WazirX suspended crypto withdrawals. |
| December 6, 2024 | Zettai filed for a Singapore Scheme of Arrangement, according to WazirX’s filing announcement. |
| April 2025 | WazirX reported that the initial scheme vote received 93.1% support by creditor count and 94.6% by value. These measure different things and should not be combined. Voting update. |
| August 2025 | WazirX reported that 95.7% of voting creditors, representing 94.6% by value, supported the amended scheme. Sanction announcement. |
| October 13, 2025 | The Singapore High Court sanctioned the amended scheme. WazirX’s announcement. |
| October 15, 2025 | The scheme became effective after the court order was lodged with Singapore’s corporate regulator. Effective-date announcement. |
| October 24, 2025 | WazirX said trading resumed. This does not establish that every service or withdrawal was unrestricted for every user. Platform update. |
| January 9, 2026 | WazirX reported completion of the first distribution and Recovery Token allocation for eligible creditors. Update and explanation. |
What creditors received—and what “85%” means
According to WazirX’s January 2026 update, eligible creditors received a first distribution representing approximately 85% of their approved claims, valued using the scheme’s reference pricing date. That percentage is not necessarily 85% of the current market value of each user’s original portfolio: crypto prices move, approved claims may differ from account balances, and the scheme uses its own valuation method.
The scheme also allocated Recovery Tokens to eligible creditors. These are a claim on potential future distributions under the scheme, not recovered coins already held for immediate withdrawal. Their eventual value depends on qualifying future recoveries, available assets and the scheme’s terms. WazirX’s Recovery Token FAQ links purchases to qualifying recoveries of at least $10 million in unencumbered assets during recurring three-month periods; that threshold is a scheme mechanism, not a promise that funds will be found or paid. Read the Recovery Token terms.
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For an account-specific view, creditors should check their approved claim, the valuation used for it, the first distribution recorded to their account and their Recovery Token allocation. The general percentage does not determine an individual creditor’s exact entitlement.
How much of the stolen crypto has been recovered?
The sources cited here do not establish that the stolen balance has been fully recovered. WazirX said it engaged Kroll and zeroShadow to trace assets and assess recovery prospects, and reported that an initial tranche worth approximately $3 million in USDT had been frozen. A freeze is not the same as assets being legally seized, returned to WazirX or distributed to creditors. Nor is the scheme’s first distribution proof that the missing coins were found: the distribution concerns available value under the restructuring. WazirX’s investigation FAQ describes the tracing effort and agencies it cited.
What the incident means for crypto users
The breach is a reminder that custody risk is not eliminated by the word “multisig.” Exchange customers rely not only on blockchain protocols but also on a platform’s wallet configuration, signing procedures, interfaces, controls, contracts and ability to meet customer claims after an incident.
- Exchange custody: Convenient for active trading, but it leaves the customer exposed to the exchange’s operational, legal and counterparty risks.
- Self-custody: Removes an exchange as custodian, but transfers responsibility for seed-phrase backups, device security, phishing resistance, inheritance planning and verifying each transaction to the owner.
- Hardware wallets: Can help protect private keys, but cannot prevent a user from approving a deceptive transaction or losing access through a compromised backup.
- Concentration: Keeping all holdings on one platform concentrates platform risk. Splitting holdings can reduce that concentration but does not remove market, blockchain, regulatory or custody risks.
For institutions, the incident also highlights the importance of independently checking transaction payloads, separating signers and administrator environments, using destination allowlists and review thresholds, and defining in contracts who controls keys, interfaces and policy changes. These controls reduce particular risks; none guarantees that an attack or loss cannot occur.
What remains unresolved
The public sources cited in this account do not establish the precise exploit or conclusively assign civil liability between WazirX, Liminal or any other party. The reported first distribution and Recovery Tokens represent a restructuring outcome, not full reimbursement at current market prices. Further creditor recovery depends on the scheme’s terms and future assets becoming available; the ultimate recovery of the stolen crypto remains uncertain.
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