WazirX, once India’s leading cryptocurrency exchange, is set to restart trading on October 24, 2025, following a year-long shutdown caused by a massive $230 million hack in July 2024. This relaunch marks a significant milestone fortified by a Singapore High Court-approved restructuring plan and broad creditor support. The phased return to trading will feature zero trading fees initially, aiming to win back trader confidence in a market keenly watching the platform’s comeback.
What Happened in the $230 Million Hack?
On July 18, 2024, WazirX suffered a sophisticated security breach where hackers manipulated multi-signature wallet controls, allowing unauthorized transfers of approximately $230–235 million of crypto assets—about half of the platform’s holdings at the time. The attack exploited the approval process for transactions requiring multiple distinct signatures, deceiving key custodians into approving a smart contract manipulated by the attackers.
Following the breach, WazirX immediately froze withdrawals and trading to secure remaining assets and began a thorough internal review supported by forensic cybersecurity firms like Mandiant. Despite significant investigations, the attackers’ identities remain unclear, though speculation points to high-level criminal groups such as Lazarus. This hack crippled India’s oldest major crypto exchange, halting its operations and shaking user trust.
The Road to Recovery: Court-Approved Restructuring
In early 2025, WazirX embarked on a restructuring plan under the supervision and approval of the Singapore High Court. The plan, secured by over 95% of creditors by both number and claim value, involves:
- Full liquidity coverage to protect user interests
- Migration and token swaps completed ahead of restart
- Introduction of Recovery Tokens distributed to affected creditors
- Partnership with BitGo for institutional-grade custody and enhanced security
This comprehensive restructuring has prepared WazirX not only to reopen but to operate with upgraded safeguards and renewed transparency.
The Trading Restart Plan: What to Expect
WazirX’s trading will resume gradually over four days starting October 24, expanding from around 25% of tokens on day one to full trading functionality by October 27, 2025. Key highlights include:
- Zero trading fees for at least 30 days to encourage liquidity
- Initial focus on selective crypto-to-crypto pairs and USDT/INR trading
- Secure custodial services powered by BitGo to bolster fund safety
- Phased reopening of withdrawals, deposits, and fiat conversions post-trading restart
This careful phased approach is designed to ensure stability, safety, and user confidence throughout the relaunch process.
What This Means for Crypto Traders and Investors
The reopening of WazirX offers hope to thousands of users who faced uncertainty for over a year. Key implications include:
- Restored market access: WazirX was a primary gateway for Indian crypto traders; its return boosts local liquidity and trading volume.
- Improved security practices: The adoption of multi-layer security by collaborating with global custodians mitigates future risk.
- Creditors’ compensation: The planned issuance of Recovery Tokens signals attempts to reconcile losses from the hack.
- Regulatory clarity: The court-supervised restructuring reflects increasing regulation and legitimacy in the Indian crypto ecosystem.
Challenges and Market Sentiment
While the relaunch is widely welcomed, skepticism remains among some traders due to the size of the hack and time lost. WazirX faces the task of regaining trust in a competitive, evolving market with other exchanges expanding their share. Regulatory scrutiny in India persists, adding complexity to operational continuity. Successful execution of the phased relaunch and transparent communication will be critical in shaping WazirX’s trajectory moving forward.
A New Chapter for WazirX Reopens Trading
The reopening of WazirX trading after the $230 million hack is a pivotal event for the Indian crypto market, signaling resilience amid adversity. With a robust restructuring plan, zero-fee incentives, and institutional-grade security, WazirX is poised to regain its position as a major player. Crypto traders should watch carefully as the exchange navigates this critical phase to restore full confidence.
FAQs
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When will WazirX reopen trading?
WazirX will restart trading gradually beginning October 24, 2025, completing full functionality by Oct 27.
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What caused WazirX’s trading halt?
A sophisticated hack in July 2024 stole about $230 million in assets, leading to a year-long shutdown.
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Will there be trading fees upon reopening?
No. WazirX will offer zero trading fees across all trading pairs for at least 30 days after reopening.
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How has WazirX improved security after the hack?
It partnered with BitGo for institutional-grade custody and strengthened multi-signature wallet controls.
