India’s oldest crypto exchange prepares to relaunch under a Singapore court-approved restructuring, offering zero trading fees to rebuild user trust.
WazirX, once India’s largest cryptocurrency exchange, is set to resume operations on October 24, marking its official comeback after a year-long suspension caused by a $230 million security breach. The exchange’s return comes under a Singapore High Court-approved restructuring and will begin with a zero-fee trading offer to attract users back to the platform.
WaziX Co-founder Nischal Shetty confirmed on X :
A Year After the Breach, WazirX Rebuilds
The 2024 security breach—one of the most devastating in India’s crypto history—froze user assets, halted withdrawals, and forced the platform offline. Over $230 million in digital assets were stolen, leaving thousands of users and creditors in limbo.
After months of insolvency proceedings, forensic audits, and legal restructuring, Zettai Pte. Ltd., the Singapore-based parent company of WazirX, secured near-unanimous creditor approval for a revival plan earlier this year.
“The restart follows the final approval from the Singapore High Court, marking the end of an exhaustive recovery process that began more than a year ago,” the company said in an internal email to creditors.
Relaunch Under Tight Security and Zero Fees
As part of its comeback strategy, WazirX will initially reopen a limited number of markets, including crypto-to-crypto pairs and USDT/INR trading. To encourage participation, the exchange announced a “Restart Offer”—zero trading fees across all listed pairs during the initial phase.
In an effort to restore confidence, WazirX has partnered with BitGo, an institutional-grade insured custody provider, to safeguard its digital assets. The platform emphasized that the new security infrastructure is designed to prevent future vulnerabilities and ensure user protection.
WazirX’s return comes at a time when India’s crypto ecosystem faces multiple challenges—from heavy tax regulations to waning retail confidence following a string of exchange failures.
While the relaunch offers hope to affected users, restoring trust may take time. “The exchange’s downfall left a deep scar on India’s crypto sentiment, and even a successful restart may not erase that entirely,” said one market analyst familiar with the case.
Still, with Recovery Tokens and creditor repayments expected to roll out alongside trading, the move marks a turning point in the exchange’s long battle to rebuild credibility.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.