WazirX relaunches trading after year-long hiatus following cyberattack

WazirX has partnered with BitGo for institutional-grade, insured custody solutions, marking a new chapter in trust and transparency, while founder Nischal Shetty thanked users and reaffirmed the mission to make crypto accessible nationwide

Crypto exchange WazirX has officially restarted trading today, 24 October, marking a full-scale relaunch after over a year of suspension caused by a $230 million cyberattack in July 2024. The relaunch follows approval of the exchange’s restructuring plan by the High Court of Singapore, allowing WazirX to restart operations and reassure users about asset safety.

Phased trading and recovery measures

WazirX has begun phased trading, initially focusing on select crypto-to-crypto pairs, followed by the USDT/INR pair, with additional markets set to open gradually. Under the “Restart Offer,” users will enjoy zero trading fees across all pairs for the first 30 days, providing financial relief and encouraging platform participation.

Ahead of the relaunch, WazirX completed token reorganisations, including swaps, mergers, delistings, and rebranding undertaken during the shutdown. The platform will distribute tokens to creditors within 10 business days and issue Recovery Tokens to compensate users affected by the cyberattack.

Enhanced security with BitGo partnership

To strengthen fund security, WazirX has partnered with BitGo, a digital asset custody firm offering institutional-grade, insured custody solutions. “This marks a fresh chapter in the platform’s journey to rebuild trust, transparency, and innovation,” the company said. Founder Nischal Shetty expressed gratitude to users for their patience, emphasizing the mission to make crypto accessible to all Indians.

The cyberattack on WazirX is part of a growing pattern in India’s crypto sector. Another exchange, CoinDCX, suffered a hack in July 2024, losing around $44 million, highlighting the need for robust cybersecurity measures.

WazirX’s relaunch today represents a major step toward restoring confidence in India’s crypto market, combining enhanced security, phased trading, and user-focused initiatives to ensure safer and more reliable operations.