WazirX to resume operations after hack and year-long hiatus

Key points:

• WazirX will resume trading on October 24 after a $230 million hack and a year-long hiatus.
• A Singapore court has approved the restructuring of parent company Zettai Pte. Ltd.
• The exchange will launch trading with zero fees and enhanced security through BitGo.

India’s once-largest crypto exchange, WazirX, is returning to the market on October 24, a year after a hack that stole more than $230 million in digital assets.

This event was the final step in the recovery of the exchange, whose operations were effectively paralyzed after the incident: assets were frozen, withdrawals were halted, and users lost confidence in the platform.

Restructuring and court ruling

The relaunch was made possible after the restructuring plan of the parent company Zettai Pte. Ltd., which received almost unanimous support from creditors. The recovery process took more than a year and included bankruptcy proceedings, an audit, and the approval of a payment schedule.

According to a letter to participants in the procedure, trading will start with a limited number of pairs, such as USDT/INR. In the early days, users will be able to trade without fees as part of a strategy to win back customers.

Measures to restore trust

WazirX is partnering with BitGo, a provider of institutional-grade custodial solutions, to enhance the protection of customer funds. Updated security protocols have also been implemented, and fund storage procedures have been revised. Token distribution and the issuance of recovery assets will begin simultaneously with the resumption of trading.

Control, taxes, and the digital rupee

The return of WazirX is not only a test of survival for the exchange itself, but also a test of the maturity of the Indian crypto market. Over the past year, confidence in local platforms has declined due to tax pressure and frequent technical failures.

Against the backdrop of the exchange’s relaunch, important changes are taking place. The ED seized $286 million in crypto assets and arrested Spanish national Pavel Prozorov, the alleged organizer of OctaFX, the country’s largest Ponzi scheme. At the same time, the Reserve Bank of India abandoned the idea of global cryptocurrency regulation, maintaining a 30% tax and strengthening internal oversight through the FIU.

Meanwhile, the authorities are preparing to launch a digital rupee issued by the Reserve Bank of India. The project aims to increase transparency and strengthen confidence in digital assets in the country.