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 crypto history, which saw more than $230 million worth of various tokens stolen from the exchange.
The restart follows a restructuring approved by the Singapore High Court under the leadership of Zettai Pte. Ltd., the parent company of WazirX, which received near unanimous support from creditors earlier this year.
It was the latest step in a process that began after a massive security breach last year froze assets, halted withdrawals and took India’s oldest crypto platform offline.
For many, the road to recovery has been slow. Creditors spent months waiting for clarity as the exchange went through insolvency proceedings, forensic audits and migration plans. Wednesday’s announcement marks the first concrete timeline for refunds, token distributions, and recovery tokens to go live alongside the relaunch.
WazirX said trading would initially reopen with a handful of markets, including crypto-to-crypto and USDT/INR pairs, and all users would benefit from zero trading fees at launch as part of a “restart offer.”
The exchange’s return will test whether India’s cryptocurrency community, hit by tax burdens and repeated platform failures, still trusts local exchanges. WazirX is taking steps to improve trust and security by partnering with BitGo to protect platform assets with institutional-grade assured custody solutions.
Once a dominant player in India’s crypto boom, WazirX’s fall last year left a lasting scar on user trust. A problem that even a successful reboot cannot easily fix.
