• WazirX relaunches after a 16-month shutdown caused by a $230M security breach.
• The exchange resumes trading with zero fees and phased market access until October 27.
• Singapore High Court approves its debt restructuring and recovery plan for affected users.

WazirX has made a comeback after being shut down for 16 months following a $230 million security breach, one of the biggest comebacks in India’s crypto industry. The exchange resumed trading on October 24 in read-only mode and said it would roll out all trading pairs over the course of two days, running through Sunday, October 27.

The relaunch was confirmed by co-founder Nischal Shetty in a company update, with word that the firm would be returning cautiously and incrementally. “We’re now working on withdrawals and trading.,” Shetty said. For now, users will be able to deposit INR, trade a few cryptocurrencies and withdraw some assets. Access to all markets will be gradually reinstated in the next few days.

WazirX Relaunches With Zero-Fee Trading and Court-Backed Recovery Plan

To lure users back, WazirX implemented zero trading fees on trade orders across all pairs as a short term measure to revive trading interest and liquidate the market. The no-fee promotion is geared toward building back trader confidence after a year-long gap and propelling one of India’s most active digital asset marketplaces.

Also Read: Wazirx Secures 95% Creditor Support With New Restructuring Plan

The relaunch comes after an important approval from the high court of Singapore which recently approved WazirX’s debt restructuring bid. The court-supported resolution permits the platform to begin reorganizing its finances and recovering lost funds from the 2024 cyberattack. Industry observers view this legal development as a significant turning point following many months of uncertainty and financial stress.

WazirX Begins Fund Recovery After $230M Hack

The July 2024 hack, believed to have been carried out by the Lazarus Group, a cybercrime outfit associated with North Korea, aimed at weaknesses in WazirX’s multisig wallet structure. The intruders stole some $230 million worth of digital currency, leading the exchange to halt all its trading and withdrawals. Billions of users were affected and the company scrambled to contain the damage and rebuild trust.

WazirX announced that the funds page is up and token balances have been evenly distributed across accounts. Deposits are active in both INR and cryptocurrency, whereas withdrawals will also resume soon. Shetty said the “last phase of restoration is to bring back WazirX to full operational strength!

In an attempt to make amends for those affected users, the exchange has told its customers it will be releasing Recovery Tokens that are said to correspond with the value of lost assets. The distribution will start not later than ten business days following the relaunch. The goal is to ensure affected customers receive an equitable and open restitution process.

Also Read: WazirX Hearing Rescheduled to July 15 Amid $234M Hack Silence