WazirX Returns After $230 Million Hack Forced Year-Long Shutdown

WazirX has been inactive for over one year, but it will reopen on October 24. The Indian-based cryptocurrency trading site ceased operations in mid-July 2024 after an enormous security breach in which hackers stole approximately $235 million from customer wallet accounts. Now, with court approval and a restructuring plan in place, the platform is ready to welcome its users back.

Trading Resumes in Phases

Gradually, WazirX will begin returning trading on the site, in phases over 4 days (October 24 - October 27). On October 24, 25% of the tokens WazirX lists will be made available for trading; 25% will be made available daily until 100% are available by October 27. The exchange will also offer zero-fee trades for at least 30 days to lure traders back to the site and provide a simpler way for them to return. 

According to founder Nischal Shetty, the goal is to build trust with users and provide an easy path back to our site. For users exploring alternatives during this period, some of the crypto exchanges with free listing can be appealing, as they lower the barriers to entry for those looking to avoid extra costs in a volatile market.

Initially, users will have access to all tokens against USDT, with the rupee market limited to the USDT/INR pair. Additional INR trading pairs will be made available when trading and markets stabilize. WazirX advises users to expect significant price volatility and uneven liquidity levels as the market adjusts.

What Brought On The Freeze

The problems at WazirX started on July 18, 2024, with a hacking attack on WazirX's cryptocurrency wallet accounts. This hack was among the largest ever on an Indian cryptocurrency exchange, prompting WazirX to freeze all user withdrawals and trading immediately. As a result, over 150,000 users were unable to access their money with no indication of when they would be able to do so again.

Zettai Pte. Ltd. (the parent firm of WazirX) then brought its dispute to the Singapore High Court to present its restructuring plan. The court approved the Scheme of Arrangement on October 13, 2025. That approval permitted WazirX to reopen for business. Creditors overwhelmingly supported the plan, as many had been waiting months for information about the status of their claims.

New Security Measures

To prevent another disaster, WazirX has partnered with BitGo, a company known for secure digital asset storage. The partnership brings institutional-grade custody solutions backed by insurance. This is part of a broader push to show users that security is now a top priority.

The exchange has also been busy behind the scenes with token swaps, delistings, and migrations. There's been a rebranding effort, too, signaling a fresh start for the platform.

The Road To Recovery

WazirX plans to begin distributing tokens to creditors within ten working days of the relaunch. The company will also issue Recovery Tokens as part of its comeback plan. The action is designed to restore value to users whose assets were frozen during the shutdown.

The launch represents a crucial moment in India's crypto market, which has suffered its share of setbacks. Excessive tax policies and platform bans have tested user loyalty. WazirX was previously the country's largest exchange, and the mark the collapse left on it will be lasting.

What Users Can Expect

At this time, WazirX is asking users to be patient in their trades. The first few days will witness unusual price changes and liquidity gaps. The exchange would advise users to keep a close eye on market depth and avoid letting the speed of market changes dictate snap decisions.

The phased-in approach allows the platform to solve technical issues before it becomes operationally efficient. It also allows the team to monitor how the market reacts to the new platforms and make adjustments accordingly.

The Relaunch of WazirX marks the end of a period of turmoil and hardship for one of India’s longest-running cryptocurrency exchanges. The path from a $235 million hack to the eventual court approval of recovery was long and arduous, and there is much yet to be accomplished. 

Conclusion

WazirX has taken steps to bolster its defenses with new safeguard measures and has established a relationship with an institutional custodian to protect user assets. Affected users may recover lost value through token distribution and the use of Recovery Tokens. However, the true test of whether WazirX can regain traders' trust to the point where they feel comfortable trading on the platform again will ultimately determine whether the relaunch of WazirX is successful, and, in doing so, will have far-reaching implications for investor confidence in the Indian cryptocurrency ecosystem.