.png){kind=logo}
WazirX, a leading cryptocurrency exchange in India, is scheduled to resume trading on October 24, after a period of over a year of inactivity. The exchange had to shut down following a major security breach that resulted in the loss of around $230 million in digital assets. Victims of the breach took months to obtain a clear picture as the company underwent legal and technical evaluations.
Fortunately, they received approval from the Singapore High Court for a restructuring plan, which will enable them to operate under a new name, Zettai Pte. Ltd. The reopening is done with zero transaction fees at the launch to help attract early trading and user participation. Recovery Tokens will facilitate compensation for the affected users.
WazirX has acquired a BitGo partnership to improve asset security as trading resumes. BitGo offers institutional-grade custody services, featuring multi-signature security and insured storage. This partnership aims to reassure users who lost confidence during last year's incident. The exchange expects these measures to reduce the risk of unauthorized withdrawals.
A limited number of markets will be opened for ZX trading. The supported pairs are crypto-to-crypto and USDT/INR pairs. The team will increase the availability of assets by observing the early activity. Controlled restart includes early access restrictions. The free promotion will be accessible to all users at launch, serving as an incentive to re-engage with the platform.
Users' reactions already show a mix of hope and reservations as many watch how the exchange manages potential volatility. Social channels were reported to be more active after the announcement, indicating an increase in attention to the relaunch timeline.
WazirX reenters India's cryptocurrency market as users remain cautious. Past platform failures have caused long-term trust issues across the sector. India's trading community has also faced pressure from taxation and regulatory uncertainty. Market analysts note that consistent compliance and strong oversight will be necessary for the platform's recovery.
Compensation plans through Recovery Tokens will begin with the restart. The process mirrors the strategies adopted by other exchanges that major security incidents have impacted. These tokens provide affected users with a structured method to recover a portion of their lost assets over time. The exchange expects revenue growth to support share buybacks and dividend distributions.
Tether (USDT) maintains a stable price near $1.00. Trading volume has recently declined, although the circulating supply remains substantial. Many users rely on stablecoins when reentering platforms after security disruptions. This trend may influence early liquidity at WazirX.
Also Read: WazirX Under Fire for ₹342 Cr Payout Before ₹2,000 Cr Hack
The re-launch of WazirX is a strategic move in the industry that will assess user trust. The platform plans to address issues from the previous breach by offering improved custody, insured products, and restricted market access. WazirX's success in regaining trust will mainly depend on user response and engagement as trading resumes.
WazirX sees this re-entry as a significant step toward recovery and building long-term sustainability in the Indian digital asset market. The upcoming weeks will be interesting to observe as the platform adapts to increasing demands for transparency, ensures asset security, and meets regulatory requirements.
