TLDR
- WazirX resumes trading October 24 after a $230 million crypto theft in 2024.
- The Singapore High Court approved WazirX’s restructuring under Zettai Pte. Ltd.
- Trading returns with zero fees and limited markets including USDT/INR pairs.
- WazirX partners with BitGo to secure platform assets using insured custody.
India’s oldest cryptocurrency exchange, WazirX, is set to resume trading on Friday, October 24. The platform had been offline for over a year after a $230 million security breach halted operations and froze user funds. Now, after court-approved restructuring and creditor support, WazirX will reopen select markets and offer zero trading fees to mark its return.
Exchange to Resume Operations After Court-Approved Restructuring
WazirX will restart its trading platform on October 24, following over a year of inactivity. This comes after the exchange suffered one of India’s largest crypto-related breaches, with over $230 million worth of digital assets stolen in 2024.
The relaunch follows a restructuring plan under Zettai Pte. Ltd., the Singapore-based parent company of WazirX. The restructuring was approved by the Singapore High Court and supported by a majority of the platform’s creditors. The process included months of legal proceedings, forensic audits, and discussions with stakeholders.
As part of the relaunch, the exchange confirmed that trading would begin with selected markets. These include crypto-to-crypto pairs and the USDT/INR market. WazirX also announced a temporary zero-fee trading offer during the restart phase to encourage participation and support liquidity.
Creditors to Receive Recovery Tokens and Token Distributions
Thousands of users who lost access to their funds during the shutdown have awaited clarity on their assets. According to WazirX, token distributions will begin alongside the platform’s relaunch.
Creditors will also receive Recovery Tokens as part of the repayment plan. These tokens are designed to help users recover some of their lost value over time. The exchange stated that more details about the repayment process would be shared in stages after trading resumes.
Many creditors had been left in the dark during the extended shutdown, with withdrawals and trading disabled since the breach. This announcement marks the first official timeline for the start of repayments and a phased return of services.
Security Overhaul Through BitGo Partnership
In response to the previous security breach, WazirX has introduced new measures to protect user assets. The exchange is partnering with BitGo, a U.S.-based digital asset trust company. BitGo provides insured custody solutions and offers institutional-grade security for digital assets.
BitGo’s insurance coverage and multi-layered custody system aim to prevent a repeat of last year’s security failure. The partnership is expected to play a key role in helping WazirX restore user trust and demonstrate improved risk management practices.
A WazirX spokesperson said, “User protection is our top priority. We are working with BitGo to ensure safe custody of all platform assets.”
India’s Crypto Community Watches Cautiously
WazirX’s return comes at a time when trust in Indian crypto platforms is low. Several other exchanges have faced operational issues, and users remain cautious. The platform had once been a market leader during India’s crypto boom but lost ground after the breach.
The crypto sector in India has also faced stricter taxation and compliance rules in recent years. As a result, many retail traders have shifted to global platforms or reduced their trading activity.
WazirX’s restart will likely be a key test of whether Indian users are willing to return to domestic exchanges. The company’s future may depend on how well it can manage operations, repay creditors, and prevent further disruptions.
Moving Forward with Limited Services
While trading will resume on October 24, the platform will reopen with limited features. WazirX said it will roll out additional markets and services gradually, based on system performance and user feedback.
The exchange also stated that updates regarding further feature rollouts, including fiat withdrawals and full account access, would be communicated in the coming weeks. For now, only a select group of users and token pairs will be supported during the initial launch phase.
