Cryptocurrency exchange WazirX resumed operations in India on Friday after a 15-month hiatus following one of the largest cyberheists in the country.
The exchange has completed a restructuring process approved by the Singapore High Court and backed by its creditors.
WazirX was founded in 2018 by Nischal Shetty, Siddharth Menon, and Sameer Mhatre. It quickly took the lead in the Indian crypto market, growing to over 16 million users.
Here’s a look at what caused it to shut down operations for more than a year and the measures it has taken to revive itself.
What led to the suspension of operations?
The exchange, once India’s largest cryptocurrency trading platform, suspended services in July 2024 after losing over $230 million worth of digital tokens to hackers.
The massive cyber breach froze assets, shut down withdrawals, and took the platform offline, leaving thousands of investors and creditors in limbo.
The heist destabilised India’s then-largest crypto exchange both operationally and reputationally.
WazirX subsequently underwent insolvency proceedings, forensic audits, and a court-directed restructuring plan to recover and secure user assets.
Also Read: ETtech Explainer: Why WazirX’s recovery plan hit a legal roadblock
How has WazirX prepared for its relaunch?
The Singapore High Court's approval and creditor backing provided the legal green light for resumption of operations, with around 95.7% of creditors voting in favour of the restructuring plan during a revote. WazirX is also issuing Recovery Tokens as part of this revival effort to compensate affected users.
What can users expect from the platform?
WazirX will restart trading in phases over four days, from October 24 to 27. It will start with select crypto-to-crypto pairs and the USDT/INR pair, gradually restoring full market functionality. During the initial 30 days, WazirX is waiving all trading fees as part of a "restart offer" to encourage user participation.
What measures has WazirX taken to bolster security?
To enhance asset safety and reinforce trust, the exchange has partnered with BitGo, a global leader in digital asset custody. This gives WazirX insured custody solutions to safeguard funds on the platform.
"A solid lineup of crypto-to-crypto pairs will go live today, with more joining over the next few days. Our goal is to bring back every trading pair you love! As trading begins, stay alert and trade smart. Check prices before you buy or sell, and most importantly, don’t panic," founder Nischal Shetty said in a post on X.
The exchange has completed a restructuring process approved by the Singapore High Court and backed by its creditors.
WazirX was founded in 2018 by Nischal Shetty, Siddharth Menon, and Sameer Mhatre. It quickly took the lead in the Indian crypto market, growing to over 16 million users.
Here’s a look at what caused it to shut down operations for more than a year and the measures it has taken to revive itself.
What led to the suspension of operations?
The exchange, once India’s largest cryptocurrency trading platform, suspended services in July 2024 after losing over $230 million worth of digital tokens to hackers.
The massive cyber breach froze assets, shut down withdrawals, and took the platform offline, leaving thousands of investors and creditors in limbo.
The heist destabilised India’s then-largest crypto exchange both operationally and reputationally.
WazirX subsequently underwent insolvency proceedings, forensic audits, and a court-directed restructuring plan to recover and secure user assets.
Also Read: ETtech Explainer: Why WazirX’s recovery plan hit a legal roadblock
How has WazirX prepared for its relaunch?
The Singapore High Court's approval and creditor backing provided the legal green light for resumption of operations, with around 95.7% of creditors voting in favour of the restructuring plan during a revote. WazirX is also issuing Recovery Tokens as part of this revival effort to compensate affected users.
What can users expect from the platform?
WazirX will restart trading in phases over four days, from October 24 to 27. It will start with select crypto-to-crypto pairs and the USDT/INR pair, gradually restoring full market functionality. During the initial 30 days, WazirX is waiving all trading fees as part of a "restart offer" to encourage user participation.
What measures has WazirX taken to bolster security?
To enhance asset safety and reinforce trust, the exchange has partnered with BitGo, a global leader in digital asset custody. This gives WazirX insured custody solutions to safeguard funds on the platform.
"A solid lineup of crypto-to-crypto pairs will go live today, with more joining over the next few days. Our goal is to bring back every trading pair you love! As trading begins, stay alert and trade smart. Check prices before you buy or sell, and most importantly, don’t panic," founder Nischal Shetty said in a post on X.