Anonymous Post Claims WazirX Moved 55.25M XRP To Binance Before $234M Hack

An anonymous Twitter user known as TOOFAANARMY alleges that WazirX moved more than 55.25 million XRP, worth about $174 million (₹1,500 crore), from a wallet to Binance and other addresses between February 2023 and July 2024.

This is just before the exchange suffered a $234 million hack, a series of on‑chain transfers that he posts calls suspicious and hints that could point to insider foul play or hidden activity.

Suspicious Pre‑Hack Transfers

The post argues that large volumes of XRP left WazirX ahead of the breach. It notes that a total of 55.25 million tokens were moved out over 17 months. 

The implication is that someone may have known about the impending hack or was covering up other irregularities. On‑chain data appear to show transactions directed to Binance and to various cold and hot wallets.

Coinpedia reached out to WazirX CEO Nischal Shetty for an explanation. Shetty said the transfers were normal withdrawals and deposits by users. 

He stressed that clients often shift funds between exchanges where they hold accounts. The CEO noted that such a flow is a routine part of every crypto platform’s operations.

Cold Wallet Consolidation

Shetty added that WazirX has a long‑standing practice of moving tokens into cold wallets to boost security. He said the wallet in question was listed publicly on WazirX’s Proof of Reserves page before the platform went offline.

Also Read: WazirX Prepares To Restart Exchange And Payouts After $234M Hack, Court Decision Due May 13

That listing, he argued, shows the movements were transparent. After the hack, some assets were shifted to other exchanges and BitGo for safekeeping. These moves were shared with the court and with users affected by the incident.

Binance Denial

Addressing reports about Binance, Shetty stated that WazirX does not hold an account with the exchange. 

He invited anyone to point out a specific on‑chain transaction if they believed tokens were sent there. As of now, he maintains there is no record of direct transfers to Binance under WazirX’s control.

Rebrand and Relocation

In a separate development, WazirX has moved its base from Singapore to Panama. The exchange also rebranded itself as Zensui. 

Company insiders say this shift aims to ease growing regulatory pressure in Singapore. The new name and address mark a fresh start for a platform still grappling with the fallout from last summer’s hack.

WazirX has also won court approval in Singapore to start repaying customers who were affected by the July  2024 hack. The hack blew off about $234 million in user funds and is one of the largest losses in crypto history. 

The ruling offers hope to roughly 4.2 million affected users, though the pace and full scope of repayments remain uncertain.

Broader Implications

The debate over these XRP transfers by WazirX points out the larger questions about transparency in crypto. When a major platform faces a breach, users and observers alike look for any sign of wrongdoing. 

On‑chain data can reveal token flows, but it does not always explain their purpose. Industry watchers will follow court filings and any further disclosures.

Also Read: WazirX Successfully Freezes First Wave of Stolen Assets Worth $3M From North Korean Hackers