- WazirX will restart operations on October 24 after over a year of inactivity.
- The exchange was shut down following a security breach that resulted in the loss of over $230 million in tokens.
- This restart follows a court-approved restructuring plan under parent company Zettai Pte. Ltd. with creditor approval.
- Trading will resume with selected markets and zero trading fees as part of a “Restart Offer.”
- WazirX has partnered with BitGo for improved asset security through insured custody solutions.
WazirX, once the largest cryptocurrency exchange in India by trading volume, will resume its operations on October 24. This announcement comes after the platform had been offline for more than a year due to security concerns and asset freezes.
The exchange’s suspension followed a severe security breach that led to the theft of more than $230 million worth of cryptocurrencies. Withdrawals were halted, and the platform effectively ceased functioning during the ongoing investigations and restructuring efforts.
The relaunch follows a restructuring plan approved by the Singapore High Court under Zettai Pte. Ltd., the parent company of WazirX. Creditors backed this plan almost unanimously earlier this year, signaling a consensus on recovery efforts. The process included insolvency proceedings and forensic audits to clarify asset status.
When operations restart, trading will initially be available on a limited number of markets, including certain crypto-to-crypto pairs and USDT/INR. As part of the “Restart Offer,” users will benefit from zero trading fees at launch. Alongside trading, the distribution of tokens and Recovery Tokens to creditors will begin.
To enhance trust and security, WazirX has partnered with the institutional custody provider BitGo. BitGo’s solutions are insured and designed to protect platform assets at a higher standard, addressing previous security weaknesses.
The platform had been a dominant player during India’s cryptocurrency boom but faced significant setbacks after the breach. The relaunch will test whether local users regain confidence in domestic exchanges amid regulatory and market challenges.
✅ Follow BITNEWSBOT on Telegram, Facebook, LinkedIn, X.com, and Google News for instant updates.
Previous Articles:
- Everything Has Shifted, Could a Rally Be Imminent?
- Quantum Computing Firms Lobby for $10M Each, Stocks Rebound Sharply
- Sonnet BioTherapeutics Merges to Form Hyperliquid Strategies Inc.
- Bitcoin Holds $107K After $747M Liquidations Amid Market Volatility
- Bitcoin Drops Over 6% After Hitting All-Time High Above $114K
