WazirX Set to Resume Operations
After enduring more than a year of turmoil and uncertainty, WazirX, once the most prominent cryptocurrency exchange in India, is poised to resume its operations on October 24, 2025. The exchange had been offline since its devastating cyberattack that resulted in a staggering loss of $230 million in July 2024, an incident linked to the notorious Lazarus Group from North Korea. This marked a significant setback for the platform, leading to a legal and financial restructuring overseen by the parent company, Zettai Pte. Ltd., with the revival plan recently receiving the endorsement of a Singapore High Court.
Recovery and Compensation Initiatives
WazirX’s return marks a pivotal moment in its efforts to heal after the hack, which not only compromised user security but also froze their funds, inciting a wave of lawsuits, outrage, and strict regulatory scrutiny. In a bid to reignite user interest and traffic, the exchange will reintroduce trading without any fees across all markets. The launch will occur in phases, gradually enabling trading for various tokens over four days, with hopes of achieving full operational capabilities by October 27, 2025, in accordance with the stipulated timeline from the restructuring plan.
Additionally, WazirX is set to launch a compensation initiative by issuing recovery tokens to users impacted by the hack. This recovery strategy involves reinstating about 25% of tokens daily following the relaunch, aiming to restore some level of confidence and reliability among its users.
Security Enhancements and Future Outlook
To further enhance security and build trust, WazirX has partnered with BitGo, which will manage the insured custody of its assets. Security has become a priority for the exchange, especially given the damage to its reputation after a significant default that led to a 45% reduction in its total holdings, which were approximately $500 million before the incident. Since the breach, WazirX has been navigating a complex web of forensic audits and legal challenges across both India and Singapore.
Despite these measures, WazirX’s ability to reclaim its position in the crypto market hinges on its commitment to transparency and security in the future, as many investors continue to gravitate toward overseas platforms for their trading needs. The coming months will be critical for the exchange in its quest to reassure users that their investments are secure and that a new era of operation awaits them.
