The Indian cryptocurrency exchange WazirX announced the restart of its services today. Trading and withdrawals will be reactivated this October 24. This occurs more than a year after a devastating $234 million hack. WazirX’s resumption of operations was confirmed by the company in an official statement, marking a key moment for its users.
The decision to reopen the platform was not unilateral. A Singapore court approved the company’s restructuring plan. This plan received overwhelming support from 95.7% of creditors. As a result, 6.6 million users who had been locked out since July 2024 will regain access. To incentivize the return, WazirX will offer zero trading fees across all its markets temporarily.
The exchange was forced to suspend all activities in July 2024. A massive cyberattack resulted in the theft of $234 million in digital assets. Investigations linked the attack to North Korean hacking groups. The lockout left millions of users without access to their funds for months. WazirX’s survival depended on a complex legal process and the approval of its creditors.
Will users recover the entirety of their lost funds?
This restart is crucial for confidence in India’s digital economy. However, a full recovery of funds is not guaranteed. Reports suggest that users could recover up to 55% of their losses. This compensation will be delivered in a mix of immediate liquid payments. The remainder will be distributed via so-called “Recovery Tokens.” The value of these tokens will depend on the platform’s future success.
WazirX’s return marks a significant milestone in its recovery. The platform must now rebuild the lost trust of its 6.6 million customers. The industry will closely watch how the exchange manages initial liquidity. Furthermore, the price evolution of its Recovery Tokens on the market will be monitored. WazirX’s resumption of operations is just the first step on a long road.
