WazirX to Resume Full Operations on October 24 After Year-Long Shutdown Following Major Hack
- WazirX will reopen on October 24 after a major breach that halted operations for over a year.
- The exchange will relaunch with new security measures and zero trading fees for early users.
- WazirX faces a tough challenge to rebuild trust in India’s cautious crypto community.
WazirX, India’s oldest cryptocurrency exchange, will resume operations on October 24 after more than a year of suspension. The platform went offline following a major security breach that froze assets and halted withdrawals. Over $230 million worth of digital assets were stolen, leaving thousands of creditors uncertain about their funds.
The relaunch is part of a restructuring approved by the Singapore High Court, undertaken by Zettai Pte. Ltd., the parent company of WazirX. A restructuring plan approved by creditors earlier this year marks a significant step toward normal operations.
Steps Leading to Recovery
The recovery process began soon after the breach disrupted the exchange’s operations. This was followed by months of forensic audits, insolvency proceedings, and asset verification. In this period, users had very little data on what they held.
The recent announcement confirms the exchange’s readiness to restart services and begin repayments. Token distributions and Recovery Tokens will be introduced alongside the relaunch. WazirX plans to reopen trading with select markets, including crypto-to-crypto pairs and USDT/INR.
Measures to Restore Trust
The platform’s return arrives at a critical time for India’s retail crypto community. Many traders remain cautious due to tax pressures and repeated exchange failures. WazirX aims to rebuild user confidence through stronger security measures. The exchange has partnered with BitGo to provide insured, institutional-grade custody for platform assets.
This partnership is designed to ensure better protection for users and prevent future security breaches. Additionally, WazirX will offer zero trading fees during the launch phase as part of its Restart Offer. The initiative seeks to encourage user participation and stabilize early trading activity.
Challenges Ahead for the Exchange
Once a dominant player in India’s crypto market, WazirX faces a difficult path to regaining its former position. The incident last year created significant distrust among retail investors. Many users migrated to global platforms offering stronger safeguards and liquidity. Even though the return on the exchange can rekindle interest on domestic platforms, it will take time to regain credibility.
The observers of the industry are of the opinion that the success of the comeback of WazirX would rely on its transparency and stable security rules. The reaction of the platform to the concerns of the users and its performance within the first days of the trade will be observed.
The re-entry of WazirX is an indication of a slow recovery in the crypto sector of India, which still faces complicated regulation and investor doubt.
