Beleaguered Indian cryptocurrency exchange WazirX is set to resume full operations starting October 24, following the successful conclusion of its year-long restructuring process. The restart comes after the exchange secured approval from the Singapore High Court for its long-awaited debt restructuring plan, necessitated by a $230 million hack in July 2024.
The company announced the relaunch will adopt a phased approach, initially enabling trading for select crypto-to-crypto pairs and the USDT/INR pair. The exchange promises a “gradual expansion” into additional markets in the coming days.
As a key part of its relaunch offer, WazirX is implementing 0% trading fees for all users across all trading pairs.
“At the heart of everything we do is our mission to make crypto accessible to every Indian,” said WazirX founder Nischal Shetty.
Shetty confirmed that the platform’s funds page is live with rebalanced tokens, and both INR and crypto deposits are now open. The exchange is “now working on withdrawals and trading,” according to his post on X.
Furthermore, WazirX is proceeding with the issuance of Recovery Tokens to creditors. These tokens are designed to represent each creditor’s share of illiquid and stolen assets, based on the value of their relevant claims. Shetty stated the exchange is “able to restart operations and initiate token distributions to creditors within 10 business days as estimated.”
To enhance asset security following the breach, the exchange has partnered with crypto custody firm BitGo. “Our partnership with BitGo adds an additional layer of trust and protection with world-class custody standards,” Shetty added.
