Key Takeaways
- WazirX restarts trading 16 months after its 2024 hack.
- Users can deposit and trade from Oct. 24, though withdrawals remain paused.
- The exchange will roll out services gradually through Oct. 27 to ensure stability.
India’s once-dominant crypto exchange WazirX has reopened its trading platform — nearly a year and a half after a $230 million hack brought operations to a standstill.
The relaunch follows court-approved restructuring in Singapore, clearing the way for the company to restart its exchange in phases. Users can now trade USDT and INR pairs on zero-fee terms, with full trading functionality expected by October 27.
Withdrawals, however, remain suspended — a key sticking point for users still waiting to recover lost funds.
A Slow, Phased Return
According to WazirX, trading will resume gradually to maintain liquidity and system stability.
Approximately 25% of tokens will be enabled each day from Oct. 24 to 27.
Trading opened to users at 10:00 AM IST, with order matching commencing at 5:00 PM IST.
The rollout marks the end of a 16-month suspension that began in July 2024, after the platform suffered one of India’s largest crypto hacks.
The breach drained an estimated $230–$235 million, forcing the company into court-supervised restructuring.
Users React: Excitement Meets Skepticism
Reaction online has been mixed.
Many longtime WazirX traders welcomed the relaunch as a long-awaited recovery milestone, while others voiced doubts about security and fund accessibility.
CEO Nischal Shetty thanked users for their patience:
“We want to be with our tribe and support you. Our focus is only YOU.”
The new app interface now shows users their rebalanced asset values, which reportedly reflect 60–70% increases in USD terms compared with pre-hack valuations.
Still, several users report they cannot withdraw INR, with the app showing “locked” messages when attempting to transfer funds.
Recovery Tokens and Restructuring
Under the exchange’s recovery plan, creditors and affected users receive “Recovery Tokens” representing claims on recovered assets.
The company estimates 75–85% fund recovery once the process is complete.
Token swaps, delistings, and on-chain migrations were finalized earlier this week, setting the stage for trading to resume.
While the relaunch has restored some confidence, questions linger about transparency, liquidity, and the timeline for reopening withdrawals.
For many users, trust will depend on what happens next, not on what has been promised.
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Prashant Jha is a seasoned crypto journalist based in Delhi, India, with a Bachelor’s Degree in Computer Science Engineering. Passionate about the evolving world of blockchain and cryptocurrencies, he has been a dedicated voice in the industry since 2018. Prashant’s expertise lies in regulatory reporting, where he unravels complex legal and financial developments with clarity and precision. Before joining CCN in 2024, he honed his craft at Cointelegraph, establishing himself as a trusted name in crypto journalism.
His coverage spans major industry events, including the high-profile collapses of FTX, Three Arrows Capital (3AC), and LUNA, offering readers insightful analyses of their regulatory and market implications. Prashant’s technical background enables him to bridge the gap between intricate blockchain technology and its real-world applications, making his work accessible to novices and experts.
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