Hacked crypto exchange WazirX will restart operations from October 24, allowing rupee and crypto deposits on the platform, the company said on October 23, almost 15 months after a cyberattack forced a shutdown.
The move comes a week after the exchange’s restructuring scheme got the nod from the High Court of Singapore. As a part of a “Restart Offer”, users won't have to pay a trading fee across all pairs, it said.
Phased launch
The relaunch will begin with certain crypto-to-crypto pairs and USD/INR pair, followed by gradual expansion of additional markets in the coming days, the exchange said.
While the funds page showing rebalanced tokens is live now, the exchange is working to allow withdrawals and trading.
Earlier this week, WazirX completed token swaps, merger, delisting, migration of tokens and any rebranding that the tokens may have undergone.
To ensure better fund security and transparency, WazirX has partnered with BitGo.
What are rebalanced tokens?
WazirX lost nearly 45 percent of its crypto assets worth $234 million in a cyberattack back in July 2024, forcing it to close operations.
During the period, the crypto market has seen a boom, leading to an increase in the prices of the existing tokens.
In February, WazirX said that it would be able to make tokens covering approximately 85 percent of creditors balances available once its restructuring scheme gets majority user votes.
The Singapore court’s recent approval followed a re-vote in August, where 95.7 percent of the voting creditors — representing 94.6 percent in value — supported the revised scheme.
Founder’s sentiments
"At the heart of everything we do is our mission to make crypto accessible to every Indian. I want to thank the WazirX community for their patience through these difficult times,” founder Nischal Shetty said.
“This isn't just a return to operations, it’s a reinforcement of our integrity which we’ve always strived for.”
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