WazirX to Resume Operations After 15-Month Hiatus Following Major Hack
Indian cryptocurrency exchange WazirX is set to resume operations nearly 15 months after a devastating $235 million cyberheist that wiped out nearly half its holdings. The Singapore High Court has approved the platform’s restructuring plan, clearing the way for its comeback.
Key User Recovery Plan
- 85% of user balances (as of July 18, 2024, 1 PM IST) will be returned immediately
- Remaining 15% to be returned over the next three years from profits and recoveries
- Zero trading fees across all pairs to rebuild user trust
Phased Relaunch Strategy
Operations will restart in phases, beginning with crypto-to-crypto trading pairs and the USDT/INR market. Additional trading pairs will be introduced in the coming days.
Prior to the 2023 security breach, WazirX was India’s leading crypto trading platform with 16 million registered users. The exchange has now partnered with BitGo, a US-based cryptocurrency custodian, to enhance security and asset protection measures.
The relaunch marks a significant recovery milestone for India’s crypto industry, with WazirX implementing robust security protocols to prevent future breaches.
