The shutters are finally lifting at WazirX’s digital trading hall. After 16 months of darkness following India’s largest cryptocurrency heist, the exchange will welcome traders back on October 24, marking a cautious comeback for a platform that once dominated the country’s crypto landscape.
Co-founder Nischal Shetty announced the restart on social media, thanking supporters for making “the impossible task” a reality. The platform will activate tokens gradually over four days, reaching full trading capacity by October 27.
Court Approval Clears Path for Restart
Singapore’s High Court gave the green light to WazirX’s restructuring plan last week, with an overwhelming 95.7% of participating creditors backing the proposal. The parent company, Singapore-based Zettai Pte. Ltd., spent months navigating insolvency proceedings and forensic audits after North Korea’s notorious Lazarus Group allegedly exploited a multisig wallet vulnerability in July 2024, draining $230 million in digital assets.
The breach froze thousands of user accounts and suspended all withdrawals, leaving creditors stranded while legal proceedings unfolded. Wednesday’s announcement finally delivered a concrete timeline for repayments, with token distributions and Recovery Tokens launching alongside trading operations.
WazirX will initially offer limited services, including crypto-to-crypto pairs and USDT/INR markets. The exchange sweetened the deal with zero trading fees during launch to boost participation and restore liquidity.
Security Upgrade Aims to Rebuild Confidence
The platform partnered with U.S.-based BitGo to implement institutional-grade custody solutions with insurance coverage. A WazirX spokesperson emphasized that user protection now stands as the top priority, with BitGo’s multi-layered security system designed to prevent future breaches.
The restart tests whether India’s crypto community will forgive and return. Battered by strict taxation rules and platform failures, many traders shifted to international exchanges. Now WazirX’s success hinges on delivering smooth operations, honoring repayment commitments, and proving it can safeguard assets moving forward.
