After months of silence and uncertainty, Indian crypto exchange WazirX is making its return.
Summary
- WazirX will restart operations on Oct 24 after a 15-month hiatus due to a major cyberattack.
- The relaunch comes after the Singapore High Court approved the exchange’s latest restructuring plan, which received 95.7% creditor support.
- The exchange has announced a zero fee trading option for its phased rollout to attract users.
- BitGo will provide insured custody of platform assets to restore user confidence.
WazirX, once the leading top exchange in India by trading volume, is set to resume operations on Oct 24 after shutting down for over a year following a devastating cyberattack and prolonged restructuring battle. The comeback follows a Singapore High Court-approved plan under its parent company, Zettai Pte. Ltd., and marks a turning point in the company’s recovery attempts.
The relaunch, confirmed on its official X account, ends a chapter of uncertainty for the exchange after suffering a $230 million hack in July 2024. The breach, attributed to North Korea’s Lazarus Group, crippled the platform and froze user funds, sparking outrage, lawsuits, and regulatory scrutiny.
WazirX will reopen trading with zero fees across all markets, aiming to make the relaunch smoother and more accessible for users. The exchange plans a phased rollout, with trading for tokens resuming gradually over four days starting Oct 24, 2025. As part of the comeback plan, it will also begin distributing and issuing recovery tokens to compensate affected users once trading resumes.
About 25% of tokens will be reactivated each day, with full trading functionality expected by Oct 27, 2025, aligning with the 10-business-day timeline outlined in the court-approved restructuring plan. Meanwhile, the exchange has partnered with BitGo to ensure secure, insured custody of platform assets, aimed at rebuilding trust among wary Indian retail investors.
Can WazirX restore investors’ confidence ?
While the relaunch brings hope, it also poses a major test. India’s crypto community remains bruised by the exchange’s collapse, which has triggered an exodus to offshore platforms. WazirX’s ability to regain user trust hinges not just on improved security, but on transparency and consistent performance in the months ahead.
The 2024 breach wiped out nearly 45% of WazirX’s $500 million in total holdings and forced the company into insolvency. Since then, the platform has undergone forensic audits, migration plans, and legal battles in both India and Singapore.
Now, with a concrete timeline and creditor approval in hand, WazirX is set for a comeback. However, its future will depend on whether it can deliver on security, restore credibility, and reassure users that their assets are safe.
Source: https://crypto.news/wazirx-set-to-resume-operations-after-year-long-shutdown/
