WazirX News Sparks FIU Probe and Investor Fear After Massive Hack

FIU-IND Investigation into WazirX news (Zanmai Labs Pvt Ltd)

The Indian crypto scene has just been rocked as per the record of Justice for WazirX users shared a tweet on its X that the Financial Intelligence Unit (FIU-IND) has officially submitted that it is investigating WazirX news, the crypto exchange run by Zanmai Labs Pvt Ltd.

The news broke through a verified but unknown source, who also shared a screenshot that seems to be an official document. One half of the viral tweet strongly declares the FIU is investigating it, while the other one is confirming that this is not a rumor.

Source: X

WazirX news sparks panic among fraudsters and relief for honest investors, sending shockwaves through the entire crypto community specially in India.

Regulatory Crackdown on Indian Crypto Exchanges

Indian authorities have started tightening crypto rules but the progress is slow. WazirX news is not new to the controversy but it has a history of past frauds. If strong action is taken now then the other shady exchanges may also come under control.

This step could help in restoring the trust of investors and push India closer to global players like the U.S, Singapore and Japan. If this FIU probe is real, it will be a clear warning to fraudsters.

Inside the $235M Hack: How a Wallet Exploit Bypassed Security

WazirX faced a major hack in July 2024 where around $235 million in digital asset was stolen through a wallet exploit. Some reports suggest that the Lazarus Group, a North Korean hacking group, was behind it.

No other confirmed hacks have happened but users have been targeted by fake emails and phishing scams.

FIU Probes Shetty in WazirX news Case

As the FIU begins its investigation into WazirX the founder of the exchange platform Nischal Shetty is actively trying to shift the narrative . From hosting webinars to launching revotes and promising fund withdrawals to the investors. He is presenting himself as a founder fighting for recovery. His tweets give you a glance of his tireless efforts in gaining trust again.

Source: X

But not everyone is convinced. Many users believed that Nischal Shetty himself played a key role in the downfall and are calling his recent efforts a damage control.

What’s next?

If the report came true it might happen that the government will give some perks to the investors who lost their assets in this fraud . And it is still a question that will the government return in crypto or fiat?