WazirX

About WazirX (WRX)

What Is WazirX (WRX)?

WRX is the exchange token of WazirX, an Indian cryptocurrency exchange that was among the country's largest before a security breach in July 2024 forced it into a court-supervised restructuring. WRX is not a blockchain and it is not gas for one. It is a BEP-20 token on BNB Smart Chain whose purpose is tied to the exchange that issued it, principally through trading fee payment and fee discounts.

Understanding WRX today means understanding what happened to the exchange. On July 18, 2024, roughly 234.9 million US dollars in assets were drained from a WazirX multi-signature wallet. The exchange froze withdrawals, its Singapore holding company entered a restructuring process, and the platform stayed offline for about 16 months. It restarted on October 24, 2025 under a scheme of arrangement sanctioned by the Singapore High Court, and as of late 2026 a portion of user balances is still not freely withdrawable.

Official sources:

• WazirX
• WazirX support center
• WazirX blog

Who Founded WazirX? (History)

WazirX was founded in 2018 by Nischal Shetty, Sameer Mhatre and Siddharth Menon, with Indian operations run through the entity Zanmai Labs. In November 2019 Binance announced that it had acquired WazirX, and WRX launched in February 2020 through a Binance Launchpad token sale with a stated supply of 1,000,000,000 WRX.

That acquisition later became a public dispute. In August 2022 Binance's then chief executive stated that Binance had never completed an acquisition of WazirX, a claim WazirX's founder rejected, and the relationship deteriorated further when WRX was moved into Binance's Innovation Zone in 2023. WazirX has stated that Binance holds a large block of WRX, locked and unlocked, and the ownership question moved into formal litigation, confirmed on the record in December 2025.

WRX was originally issued as a BEP-2 token on the older Binance Chain and was migrated to BEP-20 on BNB Smart Chain ahead of that chain's sunset. WazirX's own support documentation names the BEP-20 contract as 0x2a459dd33f05ed8ea9584505cf04698be5654e6d.

How WazirX Works

WazirX operates as a centralized exchange: it custodies user assets, matches orders on its own internal order book, and offers Indian rupee on and off ramps through partner rails. WRX sits on top of that as a utility token rather than as infrastructure.

The 2024 breach was a custody failure, not a chain failure. The compromised wallet was a Gnosis Safe multi-signature contract operated under an arrangement with Liminal Custody, configured so that transactions required several WazirX signatures plus one from the custodian. Attackers induced signatures on a payload that changed the wallet's controlling logic, after which they no longer needed the exchange's keys. A Mandiant report dated August 14, 2024 attributed the attack to the Lazarus Group, and WazirX terminated the Liminal agreement.

Key Ecosystem Components

• The WazirX exchange itself, including spot markets, rupee pairs and, since May 13, 2026, Indian rupee settled perpetual futures
• Zettai Pte Ltd, the Singapore holding company that filed for the moratorium and proposed the scheme of arrangement
• Zensui Corporation, a Panama entity incorporated in March 2025 to which crypto operations were moved, and whose existence the Singapore court found had not been disclosed to creditors before the original vote
• Zanmai Labs, the Indian entity registered with the Financial Intelligence Unit of India
• Recovery Tokens, the non-tradable instruments issued to creditors for the portion of claims not covered by the first distribution
• The WRX Unlocking Program, which governs WRX held in creditor accounts

WRX Token Utility

WRX has always been an exchange utility token. Its documented uses are paying trading fees at a discount, participating in exchange promotions and launch events, and referral rewards. It does not confer equity, it does not confer a claim on exchange revenue, and it does not secure any network.

Under the restructuring, WRX held in creditor accounts is treated differently from freely held WRX. Those locked balances fall under the WRX Unlocking Program and are designated for paying trading fees, while still being counted in the rebalancing calculations that show creditors their total position. That is the honest answer to what WRX is today: a fee credit inside a restarted exchange, for most of the holders who matter.

On supply, a live read of the BEP-20 contract on September 11, 2026 returned the name Wazirx, the symbol WRX, 18 decimals and a total supply of roughly 962.6 million tokens, short of the 1,000,000,000 figure published at the token sale. The deployed bytecode exposes ownership functions but no external mint and no external burn entry point, so that contract's supply is fixed at what was minted on deployment and cannot be expanded by the owner through a standard call. A separate pegged token named "wazirx token" also exists on BNB Smart Chain at 0x8e17ed70334C87eCE574C9d537BC153d8609e2a3 with 8 decimals and a much smaller supply, and should not be confused with the contract WazirX itself documents.

What Makes WazirX Unique?

WazirX's distinguishing feature is unfortunate rather than technical. It is one of the very few exchange tokens whose issuing venue went through a full insolvency-adjacent restructuring, survived it, reopened, and kept the token in circulation with a defined role afterward. Most comparable failures ended in liquidation or in the token becoming worthless by default. It is also one of the clearest documented cases of a multi-signature custody setup failing through signer manipulation rather than key theft, which is why the incident is cited so often in custody design discussions.

How WazirX Differs from Similar Chains

• Compared with BNB, which is the gas and staking asset of its own Layer 1, WRX has no chain of its own and no network role
• Compared with OKB, KCS or GT, which have periodic buyback and burn programs funded by exchange revenue, the WRX contract in use exposes no burn function at all
• Compared with those same tokens, WRX's near-term utility is defined by a court-sanctioned scheme rather than purely by exchange policy
• Compared with a stablecoin or a governance token, WRX carries direct counterparty exposure to one operator in a single national market

Use Cases of WazirX

• Paying trading fees on WazirX, including from creditor balances under the WRX Unlocking Program
• Receiving fee discounts relative to paying in the traded asset
• Participating in exchange promotions and referral programs
• Trading WRX itself on the venues that list it

How WazirX Is Secured

WRX as a token inherits BNB Smart Chain's security. Because the deployed contract exposes no external mint or burn, an attacker who obtained the owner key could not inflate or destroy supply through those paths, which is a meaningful if narrow reassurance.

The exchange around it is a different matter. The July 2024 breach exploited the signing process of a multi-signature wallet under third-party custody. WazirX has since ended that custody arrangement and operates under the obligations set out in the sanctioned scheme, with Indian compliance handled by the FIU-registered Indian entity. Weigh those changes against the fact that the same organization suffered a loss of that scale.

Risks and Considerations

• Recovery is incomplete. The first distribution returned about 85 percent of approved claims at scheme reference values, with the remainder issued on January 9, 2026 as non-tradable, non-withdrawable Recovery Tokens whose buyback depends on future asset realizations reviewed periodically through 2028.
• A share of user balances remained locked well into 2026 with no committed unfreeze date, which is a live operational risk, not a historical one.
• The corporate structure has moved between jurisdictions, from Singapore toward a Panama entity, and the Singapore court was critical of the non-disclosure of that entity during the first creditor vote.
• Ownership of the platform and control of a large WRX block are disputed with Binance and are in litigation.
• Indian tax and regulatory treatment of crypto is strict and can change, and WazirX's user base is concentrated in that one market.
• WRX has no utility outside the issuing exchange. If the exchange fails, the token has no independent function.
• Liquidity and listing support have narrowed considerably since 2024.

Why WazirX Matters

WazirX is the most consequential crypto failure India has had, and the restructuring that followed is one of the few worked examples of a creditor scheme applied to a crypto exchange collapse in an Asian court. The case established practical detail useful far beyond this one token: how a scheme of arrangement can be used, what disclosure courts expect, how recovery instruments can be structured, and how badly a multi-signature arrangement can fail when the attack targets the signing flow rather than the keys.

Where Can You Buy WazirX (WRX)?

WRX trades on the WazirX exchange itself and on a limited set of other centralized venues. Listing support is thinner than it was before 2024, and availability varies by jurisdiction, so confirm on the venue's own asset page.

Major Centralized Exchanges (CEX)

WRX has been available on venues including:

• WazirX
• Binance
• Gate
• MEXC

Storage Options After Purchase

After purchase, WRX can be held on an exchange, which is custodial, in any BNB Smart Chain compatible non-custodial wallet, or in a hardware wallet paired with a BNB Smart Chain wallet interface.

Confirm the contract address and the network before depositing or withdrawing. A pegged token with a similar name exists on the same chain, and the two are not interchangeable.

Related Coins

You can compare WRX with other exchange tokens on Coinrithm:

• BNB (BNB)
• OKB (OKB)
• KuCoin Token (KCS)
• GateToken (GT)
• Bitget Token (BGB)