Who is Nischal Shetty, and what drives him to stand firm amid a torrent of fury following one of India’s most devastating cryptocurrency heists? As the founder and CEO of WazirX, India’s largest crypto exchange, Shetty has been at the helm when a staggering $235 million was stolen in a cyber attack in July 2024, leaving millions of users reeling. Where did this crisis unfold? On the digital battleground of WazirX’s servers, exploited by the notorious North Korean Lazarus group. Why does it matter? Because over 10 million users entrusted their savings to Shetty’s platform, only to face a brutal betrayal by hackers. How is he responding? With a relentless, although imperfect, effort to repay creditors—a path fraught with legal battles, innovative gambles, and a barrage of public scorn.
Shetty, a software engineer turned entrepreneur with a B.E. from Visvesvaraya Technological University, is no stranger to building from the ground up. Before WazirX, he co-founded Crowdfire, a social media tool that once boasted 20 million users, proving his knack for scaling tech ventures. But the WazirX hack thrust him into a different spotlight—one where his character has been shredded on social media, with users unleashing venom over lost funds. “Entire WazirX team has been working non-stop to help resolve the situation,” Shetty posted on X in July 2024, a plea drowned out by cries of betrayal. Yet, rather than retreating or letting the company collapse into liquidation—a move that might have shielded him personally while leaving creditors with scraps—he’s chosen to face the fire head-on.
The path he’s carved is neither simple nor universally praised. In January 2025, the Singapore Court granted WazirX a lifeline: approval to convene a creditor meeting to hash out a repayment plan, backed by a four-month moratorium to stave off legal pressures. Shetty’s strategy; A phased compensation plan aiming for up to 99.6% recovery, blending immediate payouts with a bold twist— recovery tokens (RTs). These tokens, tied to future asset recoveries and periodic buybacks, promise users a stake in WazirX’s revival, though initial returns hover at a modest 85% of pre-hack holdings. Add to that a decentralized exchange (DEX) launch and an asset rebalancing process completed this month, and you see a man betting on innovation to claw back trust. “We are deeply grateful to the entire WazirX family,” Shetty wrote on X in September 2024, his words tinged with the weight of a leader who feels every blow.
Imagine the stakes for a moment. Shetty could have walked away, letting liquidation lawyers sort the mess while he nursed his wounds in private. Experts note that liquidation might have netted him a cleaner exit, with personal liabilities minimized. Instead, he’s opted for a grueling fight—not just to resurrect WazirX, but to ensure users see some semblance of justice. It’s a choice that’s earned him no medals; the X posts calling him a scapegoat or worse still flood in. Yet, his actions post-hack—collaborating with law enforcement, bolstering security, and pushing for transparency—paint a picture of resolve, even if it’s muddied by skepticism.
The users, though, aren’t cheering from the sidelines. Many see the recovery tokens as a risky IOU, a Band-Aid on a gaping wound. Regulatory tangles and past communication stumbles have only deepened the distrust. “Recovery will be less than 10-50% otherwise,” warned one X user this month—a sentiment echoing the fear that Shetty’s efforts, however earnest, might fall short. For those who lost life savings, Shetty’s persistence might feel like too little, too late.
Still, there’s a human thread here worth tracing. Shetty’s not caped in glory—he’s a man under siege, juggling a fractured community and a battered company. His sleepless nights, hinted at in his posts, mirror the anxiety of users waiting for their funds. He’s not the villain some paint him to be, nor the savior others might hope for. He’s a tech pioneer caught in a storm, trying to rebuild a bridge he didn’t burn. As WazirX’s fate hangs on a creditor vote, Shetty’s resilience offers no guarantees—only a stubborn promise to keep fighting. For better or worse, that’s the hand he’s playing, and millions are watching to see if it pays off.
