Exchange Ranking
Top Exchanges
24h Volume Ranking
Popularity Ranking
Exchange BTC Balance
Proof of Reserves
Decentralized Exchanges
Funding Rate
Funding Heatmap
Liquidation Data
Max Pain
Long/Short Ratio
Whale L/S Ratio
Binance/Okex/Huobi L/S
Bitfinex Margin L/S
ETF Tracker
Solana ETF
XRP ETF
Hong Kong ETF
Bitcoin Treasuries
Crypto Reversal
Ethereum Reserves
HyperLiquid Wallet Analysis
Hyperliquid Whale Watch
Large Transactions
On-chain Movement
Bitcoin ROI
Stablecoin Market Cap
Options Analysis
News
Articles
Economic Calendar
Features
Wallet
Contract Calculator
Security
Collections
Watchlist
FollowingThe established Indian exchange, WazirX, has announced that it will resume trading this Friday. This is a crucial step towards restoring trust after a massive asset freeze and suspension of withdrawals due to a hack last year, valued at 230 million US dollars. The security breach forced WazirX, one of India’s leading cryptocurrency platforms, to temporarily shut down. This incident has drawn significant attention from regulators and users regarding the security of exchanges. To address these issues, WazirX has upgraded its security measures extensively and established new mechanisms for trust restoration through auditing and insurance arrangements. The resumption of trading marks not only a recovery for the platform but also signals a positive trend in the Indian cryptocurrency market.
Things to know:
● WazirX, India’s largest cryptocurrency exchange, will resume operations on October 24 after a one-year hiatus.
● The reopening of the exchange was approved by the Singapore High Court, and the exchange promises to charge no fees during its operation.
● WazirX’s return will test the trust of India’s cryptocurrency community, which has been shaken by past failures of the platform.
According to an email sent to creditors, WazirX, once India’s most active cryptocurrency exchange, will resume operations on October 24.
This marks the end of one of the most severe collapses in the country’s cryptocurrency history. Thousands of creditors suffered for over a year without any clarity about their financial situation. In this collapse, tokens worth over 230 million US dollars were stolen from the exchange.
This restart was carried out after the High Court of Singapore approved the restructuring of WazirX’s parent company, Zettai Pte.Ltd. This restructuring received almost unanimous support from creditors earlier this year.
This is the final step taken since the major security breach last year, which led to asset freezes, suspension of withdrawals, and effectively brought down India’s oldest cryptocurrency platform.
For many people, the recovery process has been slow. Creditors spent months waiting for clarity regarding the situation, while the exchange continued to deal with bankruptcy procedures, legal audits, and migration plans. The announcement on Wednesday marked the first concrete timeline for repayments. Token distribution and the resumption of token trading are expected to be launched simultaneously with the exchange’s restart.
WazirX announced that it will initially reopen a few markets, including cryptocurrency pairs and USDT/INR. As part of the “restart bonus,” all users will enjoy zero transaction fees upon reopening.
The exchange’s return will test whether Indian cryptocurrency investors, who have suffered greatly due to tax burdens and frequent platform failures, still trust local exchanges. WazirX is working with BitGo to ensure the security of platform assets through institutional-level insurance solutions, thereby enhancing trust and security.
WazirX was once a leader in India’s cryptocurrency boom, but its failure last year left permanent scars on users’ confidence. Even if it succeeds in restarting, it won’t be easy to recover fully.
