Crypto exchange WazirX on Thursday announced that trading will resume on the platform on 24 October, effectively restarting operations after a cyberattack forced its shutdown for over a year.
The move comes shortly after the exchange’s restructuring process received a nod from the High Court of Singapore. As part of the “Restart Offer”, the users will not have to pay any fee across all pairs, providing a major relief.
In July 2024, the crypto exchange platform faced a cyberattack, leading to a theft of $230 million in digital assets. The cryptocurrency platform had held North Korea-based Lazarus Group responsible for the security breach, a claim that was later backed by the United States, Japan, and South Korea in a joint statement.
Platform to focus on crypto-to-crypto pairs post relaunch
The relaunch will happen in a phased manner as it will initially focus on certain crypto-to-crypto pairs and then USDT/INR pair. This process will be followed by the gradual expansion of additional markets in the coming days.
Earlier this week, WazirX had completed all necessary token reorganisations — including swaps, mergers, delisting, migration of tokens and any rebranding that the may have undergone while the platform was shut, it said in a release.
The platform is not set to restart operations and plans to distribute tokens to creditors within 10 business days. Additionally, WazirX is preparing to issue Recovery Tokens to compensate users affected by the previous shutdown.
Partnership with BitGo
In a major step towards enhancing fund safety, WazirX has partnered with a digital asset custody firm, BitGo, to safeguard platform assets using institutional-grade, insured custody solutions.
“This marks a fresh chapter in the platform’s journey to rebuild trust, transparency, and innovation,” the release added.
WazirX founder Nischal Shetty expressed his excitement over the relaunch. “At the heart of everything we do is our mission to make crypto accessible to every Indian. I want to thank the WazirX community for their patience through these difficult times,” Shetty said.
CoinDCX targeted by hackers
The cyberattack on WazirX was not an isolated incident, as another crypto exchange, CoinDCX, also went through a similar ordeal.
CoinDCX, one of India’s largest crypto exchanges, confirmed a major in July after hackers wiped out approximately $44 million from the platform.