tl;dr
WazirX, India's largest crypto exchange by volume, is set to resume operations on October 24 after a year-long crisis triggered by a $230M security breach. The relaunch includes zero trading fees, Recovery Tokens, and partnerships with BitGo to rebuild trust in India's volatile crypto market.
**WazirX to Resume Operations on October 24 After Year-Long Crisis**
After more than a year of uncertainty, WazirX, India’s once-largest cryptocurrency exchange by volume, has announced its return. The platform, which collapsed in a dramatic security breach last year, will resume operations on **October 24**, according to an email sent to creditors. This marks a pivotal moment for thousands of users and creditors who have navigated a prolonged period of limbo following one of India’s most infamous crypto scandals.
The collapse stemmed from a massive security breach that froze assets, halted withdrawals, and effectively shut down the exchange. Over **$230 million worth of tokens** were stolen, triggering a cascade of legal and financial challenges. For creditors, the aftermath was marked by months of waiting, insolvency proceedings, forensic audits, and uncertainty about recovering their funds.
The restart follows a **restructuring plan** approved by the Singapore High Court under Zettai Pte. Ltd., WazirX’s parent company. The proposal secured near-unanimous support from creditors earlier this year, paving the way for the exchange’s revival. This process, which began after the 2022 breach, has now reached its final stage, offering long-awaited clarity.
On October 24, WazirX will relaunch with limited trading markets, including **crypto-to-crypto pairs** and **USDT/INR**. To attract users back, the exchange is offering **zero trading fees** for all users as part of a “Restart Offer.” Additionally, token distributions and Recovery Tokens are expected to be introduced alongside the relaunch, providing a framework for creditors to reclaim assets.
However, the road to regaining trust remains fraught. The collapse left a deep scar on India’s crypto community, which has already grappled with heavy taxation and repeated platform failures. WazirX is attempting to rebuild confidence by partnering with **BitGo**, a leading custodial service, to implement **institutional-grade, insured custody solutions** for platform assets.
Despite these efforts, the exchange’s return raises questions about the resilience of India’s retail crypto market. Will users, still wary of regulatory and security risks, return to a platform that once symbolized the industry’s explosive growth—and its vulnerabilities? For now, WazirX’s relaunch represents a step toward redemption, but the challenge of restoring trust in a sector still navigating its tumultuous infancy remains.