Indian crypto exchange WazirX is officially making its long-awaited comeback after more than a year of silence. The platform, once India’s largest by trading volume, is set to resume operations on October 24, marking a major step in its recovery from a devastating $230 million cyberattack in 2024.
WazirX Returns After 15 Months of Turmoil
The relaunch follows approval from the Singapore High Court for WazirX’s restructuring plan under its parent company, Zettai Pte. Ltd., which received an overwhelming 95.7% creditor support.
In a post on its official X (formerly Twitter) account, the exchange confirmed that trading would reopen in phases, bringing an end to a 15-month period of uncertainty for its millions of users.
The platform was forced to shut down in July 2024 after a $230 million hack, reportedly orchestrated by North Korea’s Lazarus Group. The breach crippled operations, froze user withdrawals, and led to a wave of lawsuits and regulatory investigations across India and Singapore.
Zero-Fee Trading to Kickstart the Relaunch
As part of its comeback strategy, WazirX will offer zero trading fees across all markets to encourage users to return.
The exchange plans a phased rollout of services between October 24 and October 27, gradually restoring functionality. Around 25% of tokens will be reactivated each day, with full trading operations expected to resume by October 27, in line with the 10-business-day recovery timeline approved by the court.
Additionally, WazirX will begin distributing recovery tokens to compensate users impacted by the 2024 breach once trading resumes.
To reinforce security, the platform has partnered with BitGo, which will provide insured custody of WazirX’s digital assets a move aimed at rebuilding confidence among wary retail traders.
“We’re focused on safety, transparency, and making WazirX stronger than ever,” a company spokesperson said in a statement. “Our priority is restoring trust and ensuring users feel confident about trading again.”
Rebuilding Trust After Crisis
WazirX’s relaunch represents both a fresh start and a formidable challenge. The exchange’s downfall in 2024 left a lasting mark on India’s crypto landscape, prompting many users to migrate to offshore platforms.
The hack wiped out nearly 45% of WazirX’s $500 million in total holdings, pushing the company into insolvency. Over the past year, it has undergone forensic audits, system migrations, and extensive legal reviews to rebuild operations.
Now, with regulatory clearance and a revamped security infrastructure, the exchange faces the critical task of regaining user confidence. Analysts note that while the relaunch could reignite activity in India’s dormant crypto sector, WazirX must prove that its new systems can prevent future breaches.
“The comeback is encouraging, but Indian traders have long memories,” said a Mumbai-based blockchain analyst. “Security and transparency will decide whether WazirX can truly reclaim its throne.”
The Road Ahead
With operations resuming and BitGo providing institutional-grade custody, WazirX’s return could mark a new chapter for Indian crypto markets one defined by compliance, security, and investor protection.
Still, the journey ahead remains uncertain. For WazirX, success will depend on consistent communication, flawless execution, and long-term reliability in a market where trust is hard-earned and easily lost.
