WazirX, once India’s largest cryptocurrency exchange by volume, will resume operations on October 24, according to an email sent to creditors.
This 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 cryptocurrency history, in which more than $230 million in various tokens were stolen from the exchange.
The restart follows a restructuring approved by the Singapore High Court under Zettai Pte. Ltd. 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, shut down withdrawals and effectively took India’s oldest crypto platform offline.
For many, the road to recovery has been slow. Creditors spent months waiting for clarity as the stock went through insolvency proceedings, forensic audits and migration plans. Wednesday’s announcement marks the first concrete timeline for refunds, 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 and USDT/INR pairs, and that all users will enjoy zero trading fees at launch as part of a “Restart Offer.”
The return of the exchange will test whether India’s retail crypto community, hit by tax burdens and repeated platform failures, still trusts local exchanges. WazirX is doing what it takes to improve trust and security by partnering with BitGo to safeguard platform assets through institutional-grade secured custody solutions.
The fall of WazirX last year, once a dominant player in India’s cryptocurrency boom, left a lasting scar on user trust. One that even a successful reboot may not easily fix.
