“That was the final step in a process that began after a massive security breach last year froze assets, shuttered withdrawals, and effectively took India’s oldest crypto platform offline.”, — write: www.coindesk.com
That ends more than a year of uncertainty for thousands of creditors left in limbo after one of the most dramatic collapses in the country’s crypto history, which saw over $230 million worth of various tokens getting stolen from the exchange.
The restart follows a Singapore High Court–approved restructuring under Zettai Pte. Ltd., WazirX’s parent company, which received near-unanimous backing from creditors earlier this year.
That was the final step in a process that began after a massive security breach last year froze assets, shuttered withdrawals, and effectively took India’s oldest crypto platform offline.
For many, the road to recovery has been slow. Creditors spent months awaiting clarity as the exchange navigated insolvency proceedings, forensic audits, and migration plans. Wednesday’s announcement marks the first concrete timeline for repayments, with token distributions and Recovery Tokens expected to go live alongside the relaunch.
WazirX said trading will initially reopen with a handful of markets, including crypto-to-crypto pairs and USDT/INR, and that all users will enjoy zero trading fees at launch as part of a “Restart Offer.”
The exchange’s return will test whether India’s retail crypto community, battered by tax burdens and repeated platform failures, still trusts local exchanges. WazirX is doing the necessary to enhance trust and safety by partnering with BitGo to safeguard platform assets through institutional-grade, insured custody solutions.
Once a dominant player in India’s crypto boom, WazirX’s downfall last year left a lasting scar on user confidence. One that even a successful restart may not easily repair.
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A key volume indicator points to underlying market weakness, signaling a potential bitcoin sell-off below $100,000
- The key volume indicator has dropped to the lowest since April.
- BTC could soon follow suit, falling below $100K.
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