In August 2024, news broke that a petition had been filed with the National Company Law Tribunal (NCLT) in Indore, naming WazirX, its infrastructure partner, and other associated entities. The filing sought an investigation into the aftermath of the cyberattack that had impacted the platform.

While headlines around the case made quick rounds, a closer look at the developments that followed paints a more comprehensive picture. Beyond the cyberattack, WazirX’s trajectory over the past several months — including its response strategy, continued user engagement, strategic partnerships, and a successful creditor-backed restructuring — reflects a broader context that is often left out of the spotlight.

It was a case of a platform being targeted in the aftermath of a cyberattack, not a fraud being uncovered.

Understanding the Petition — and Its Timing

The petition cited Sections 213(b) and 221 of the Companies Act, which allow for investigations into mismanagement and potential fraud, and seek asset freezes in certain cases. Including ministries and investigative bodies added a layer of seriousness, but it’s worth noting that such filings don’t determine wrongdoing — they simply trigger a legal process.

Legal Allegations vs. Operational Reality

Let’s separate facts from speculation:

• WazirX immediately filed an FIR after the cyberattack.
• International security firm Cyfirma linked the hack to the Lazarus Group, a notorious North Korea-backed collective — showing this wasn’t a failure of internal ethics but a highly sophisticated external breach.
• The platform submitted its internal records to CERT-In and other agencies.
• WazirX also engaged with global law enforcement, including communication with the FBI.

The Vote That Changed the Conversation

The most powerful counter to the petition didn’t come from legal paperwork or press statements — it came from the users themselves.

In early 2025, WazirX users overwhelmingly voted in favor of the platform’s proposed Scheme. The vote was a democratic exercise involving thousands of impacted users, showing where the community stood.

Users had lived through the downtime. They had hard questions, made their concerns known, and still chose to back the recovery path WazirX laid out.

Partnerships That Reinforce Trust

While critics raised concerns, WazirX strengthened its backbone.

It partnered with BitGo, a leading name in digital asset custody, and later with Zodia Custody, backed by Standard Chartered. They are trusted custodians with global reputations, regulatory-first frameworks, and zero-compromise security standards.

These partnerships also introduced new operational guardrails and due diligence layers that serve the users directly.

Final Thoughts: From Allegations to Actions

While last year’s NCLT petition may have amplified concerns around accountability, the developments since then present a more complete picture. WazirX has not only acknowledged the incident but also taken measurable steps to resolve its aftermath — including halting operations, initiating investigations, engaging global partners for asset security, and proposing a restructuring plan that received overwhelming support from impacted users.

In contrast to a static narrative rooted in past allegations, the platform has moved forward with tangible reforms. With over 93% of creditors voting in favor of the recovery plan, WazirX now stands poised to restart operations on a stronger, more secure foundation.