A recent post by an anonymous Twitter user @TOOFAANARMY alleges that WazirX, one of India’s top crypto exchanges, transferred over 55.25 million XRP (valued at approx ₹1,500 crore) to Binance and other wallets between February 2023 and July 2024, just before the alleged ₹2,000 crore hack.
The tweet claims the XRP originated from a wallet tagged rPPbi1iNXmvY9HmJ9sH9g4gxvgVEfN4NaZ, sparking fears of insider foul play or hidden activity.
The user implies that these massive pre-hack transfers were suspicious and possibly linked to the aftermath of the WazirX exploit.
Coinpedia’s Fact Check: WazirX CEO Responds
To verify the claims, Coinpedia reached out to WazirX CEO Nischal Shetty, who offered the following clarification:
User Activity, Not Anomalous Transfers
According to Shetty, the XRP transfers were part of regular user withdrawals and deposits. Users typically move their funds to exchanges where they have accounts, and such movements are standard in crypto exchange operations.
Cold Wallet Consolidation Was Ongoing
He stated that WazirX has long followed a practice of consolidating tokens into cold wallets for security, and this activity wasn’t new or unusual. The wallet in question had been publicly listed on WazirX’s Proof of Reserves page when the platform was active.
Post-Hack Movements Disclosed
Post-incident, some assets were moved to a few exchanges and BitGo for safekeeping. These were disclosed, and token balances were independently assessed and shared with the court and all affected parties.
No Direct Binance Transfers Confirmed
Addressing the specific point about Binance, Shetty stated
“We don’t have an account with Binance, so we would not be sending tokens there. If there is a specific on-chain transaction, we’re happy to verify it.”
Conclusion
At this stage, the wallet movements in question have been publicly acknowledged by WazirX, and the exchange maintains they were routine and transparent. The claim remains unverified, and no direct on-chain evidence has been provided to establish any irregularity.
