WazirX Discreetly Moves Funds Out of Bybit After the $1.5B 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, the exchange maintained its composure and addressed the issue at the earliest possible. It even restored the liquidity, allowing users to withdraw within a couple of days. Meanwhile, WazirX secretly moved funds out of Bybit with no explanation or announcement. 

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

Aditya questioned what would have happened if Bybit didn’t cover losses. Moreover, there wasn’t even a single post addressing users or announcing their withdrawal from Nischal or WazirX official accounts on X. 

Has WazirX Got Something to Hide?

The WazirX hack that happened in July 2024 wiped out around 2000 crore worth of funds. Since then, the exchange did nothing but keep on informing its users about recovery plans, schemes, and updates. There isn’t an actual action the exchange took to help victims who lost their funds.

Referring to the same Aditya posted, 

“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.”

On the other hand, other top Indian crypto exchanges CoinDCX and Coinswitch addressed their users that their funds are safe. They assured the Bybit hack didn’t impact their users. Meanwhile, WazirX didn’t make a single announcement or explanation despite withdrawing around 600 crore worth of funds in USDT from Bybit, days after the hack. 

WazirX’s silence is raising questions in 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 postponing the redistribution of funds, it would tarnish its reputation in the long term. 

Highlighted Crypto News Today: 

‌Pump.fun Reportedly Testing In-House AMM That Could Replace Raydium