Nischal Shetty: The Man Behind WazirX and India’s Crypto Revolution
Nischal Shetty is a name that’s becoming ever more difficult to overlook in India’s burgeoning crypto universe. From creating social media tools to spearheading India’s biggest cryptocurrency exchange, he’s a man with a vision, a fighter, and an innovator. And now, he’s in the limelight once again as WazirX inches towards healing from a massive hack that rattled the Indian Crypto World a year ago.
The Rise of Nischal Shetty
Nischal Shetty started his journey as a software developer. In 2009, he launched Twi5, a platform that helped users discover the best Twitter applications. The following year, he founded Crowdfire, a social media management tool used by millions across the world to manage multiple platforms from one dashboard.
But his most ambitious step was in 2018, when he created WazirX, a crypto exchange platform with a fearless mission — to onboard blockchain and crypto to the masses in India. With an enthusiastic group of developers and believers in crypto, Nischal turned WazirX into India’s best and most-used crypto exchange.
The WazirX Hack and the Recovery Plan
And then, in 2024, there was WazirX’s ultimate test to date — a monstrous $234 million hack that had caused gigantic losses and the freezing of withdrawal of users. It was a trial period for the platform, as well as for its members.
However, in April of 2025, fortunes took a turn.
WazirX recently stated that 93.1% of users voted for the recovery plan of the platform, which will restore 85% of the lost crypto to users. The vote restored confidence, and the native token of the platform, WRX, surged 14% in a week, its best performance in months.
Despite that, much remains to be done. Withdrawals remain stuck behind bars, and Singaporean court approval still hasn’t been achieved. Yet the vote promises hope, and with Shetty leading the show, many are convinced a revival is within their grasp.
Beyond WazirX: Shardeum and More
Since February 2022, Nischal Shetty has also been acting as a Committer at Shardeum, a next-generation Layer 1 blockchain project aiming for infinite scalability, decentralization, and community ownership. Shardeum makes the blockchain more efficient and quicker by utilizing sharding technology.
Nischal is again in the forefront with Shardeum, shaping the future of blockchain beyond exchanges alone.
Awards and Recognition
Nischal’s efforts have received recognition year after year on large platforms:
Named in Forbes 30 Under 30
Recipient of the Inspiring CEO Award from Economic Times (ET)
Most respected for crypto and tech thought leadership
He is also quite active on social media, specifically Twitter, where he provides commentary regarding crypto regulation, blockchain, and innovation — at times seeking transparent policies to facilitate India’s tech growth.
Final Thoughts
Nischal Shetty is more than a techpreneur. He is a staunch supporter of decentralization, financial empowerment, and power by blockchain. Although WazirX still has a long way to go in its recovery journey towards total recuperation, Shetty has brought stability, vision, and trust back to the group once again.
As India slowly opens up to the crypto world, there is no doubt that Nischal Shetty will continue to be one of the strongest voices shaping the digital finance future.
