Answer:
WazirX has implemented multiple security measures, including 2FA (two-factor authentication), cold wallet storage for the majority of funds, and real-time monitoring systems. However, in July 2024, the platform experienced a major hack where ~$235 million was stolen, reportedly by the Lazarus Group. Withdrawals were halted temporarily, and users were later reimbursed around 55% through a socialized loss strategy. While operations have resumed, the incident has raised trust and transparency concerns.