WazirX, one of India’s popular cryptocurrency exchanges, is set to restart its operations on October 24, nearly 15 months after a cyberattack forced the platform to halt all activities. The decision to resume trading follows the approval of WazirX’s restructuring plan by Singapore’s High Court.
In July 2024, WazirX experienced a devastating cyberattack that resulted in the loss of approximately 45% of its crypto assets, valued at $234 million. This breach compelled the platform to suspend its operations indefinitely, leaving its user base without access to trading or withdrawals during a period when the cryptocurrency market witnessed substantial growth.
Token prices surged across the board, increasing the stakes for users awaiting the platform’s reopening.
Court Approval and Restructuring Scheme
Earlier this year, WazirX proposed a restructuring scheme aimed at recovering and redistributing tokens covering nearly 85% of creditors’ balances. This plan requires majority approval from its user base. Following a re-vote in August, a striking 95.7% of voting creditors, accounting for 94.6% by value, endorsed the revised scheme.
The High Court of Singapore officially sanctioned the restructuring plan in mid-October, paving the way for the exchange’s return to the market. This court’s approval was a critical step for WazirX, as it legitimizes the company’s approach to restoring user funds and relaunching services.
WazirX Relaunch Strategy and User Benefits
WazirX’s comeback will begin with selecting crypto-to-crypto trading pairs, along with the USD/INR pair, with plans to expand market offerings gradually. To incentivize users during this relaunch phase, WazirX is introducing a “Restart Offer,” which waives trading fees across all pairs for users.
While the exchange token rebalancing page is currently live, enabling users to view their adjusted holdings, WazirX is still finalizing features related to withdrawals and trading. In preparation for the relaunch, the platform completed a series of technical updates, including token swaps, mergers, delisting, migration, and any necessary rebranding.
To upgrade security and transparency moving forward, WazirX has partnered with BitGo, a well-known digital asset trust company, to safeguard users’ funds more effectively.
Reaffirming Commitment
Nischal Shetty, the founder of WazirX, addressed the community on the occasion of the relaunch. Expressing gratitude for the users’ patience during the difficult period, Shetty highlighted the company’s dedication to making cryptocurrency accessible to every Indian.
“This isn’t just a return to operations; it’s a reinforcement of our integrity, which we’ve always strived for,” Shetty remarked. His message underscored the exchange’s determination not only to resume trading but to emerge stronger and more reliable in the crypto landscape.
The resumption of WazirX’s operations marks a notable recovery from one of the most challenging periods the exchange has faced. The cyberattack in mid-2024 had a profound impact on both the company and its users, but the successful court-approved restructuring and partnership with BitGo suggest a more secure and transparent future.
