After a year-long hiatus following a devastating hack that resulted in the theft of assets worth $230 million, India’s once premier cryptocurrency exchange, WazirX, is set to resume operations on October 24. The exchange has confirmed the commencement of a repayment process for creditors who have faced uncertainty during this prolonged period. Initially, WazirX will restart trading with zero commission on USDT/INR and selected crypto-to-crypto pairs.
WazirX Relaunch Backed by Restructuring and Legal Approval
WazirX’s comeback became possible with the completion of a restructuring plan approved by the Singapore High Court, executed by its parent company, Zettai Pte. Ltd. Most of the creditors supported this plan, allowing the exchange to recommence its services.
The major hack incident last year forced the exchange to freeze its assets and suspend transactions. This was followed by a bankruptcy proceeding that culminated in legal audits and technical migration efforts, halting users’ access to their funds entirely. The new plan now involves reinitiating asset distribution and “Recovery Token” payments.
New Partnerships to Rebuild Trust
To regain user trust, WazirX management has partnered with BitGo, an institutional-grade platform asset protection provider. This custodial solution, which offers insurance assurances, aims to minimize potential risks.
In the reopening phase, the exchange will incentivize participation by offering zero trading fees to all users. The company seeks to regain its foothold in the Indian cryptocurrency market, which has been shaken by longstanding tax burdens and sectoral instability. However, experts believe that the mere return of one of the country’s oldest exchanges may not be sufficient to fully restore user confidence.