WazirX, as soon as India’s largest cryptocurrency trade by quantity, will resume operations on October 24, per an electronic mail despatched to collectors.
That ends greater than a yr of uncertainty for 1000’s of collectors left in limbo after probably the most dramatic collapses within the nation’s crypto historical past, which noticed over $230 million value of varied tokens getting stolen from the trade.
The restart follows a Singapore Excessive Court docket–authorised restructuring below Zettai Pte. Ltd., WazirX’s mum or dad firm, which acquired near-unanimous backing from collectors earlier this yr.
That was the ultimate step in a course of that started after a large safety breach final yr froze belongings, shuttered withdrawals, and successfully took India’s oldest crypto platform offline.
For a lot of, the street to restoration has been gradual. Collectors spent months awaiting readability because the trade navigated insolvency proceedings, forensic audits, and migration plans. Wednesday’s announcement marks the primary concrete timeline for repayments, with token distributions and Restoration Tokens anticipated to go stay alongside the relaunch.
WazirX stated buying and selling will initially reopen with a handful of markets, together with crypto-to-crypto pairs and USDT/INR, and that each one customers will take pleasure in zero buying and selling charges at launch as a part of a “Restart Provide.”
The trade’s return will take a look at whether or not India’s retail crypto neighborhood, battered by tax burdens and repeated platform failures, nonetheless trusts native exchanges. WazirX is doing the needful to reinforce belief and security by partnering with BitGo to safeguard platform belongings by institutional-grade, insured custody options.
As soon as a dominant participant in India’s crypto increase, WazirX’s downfall final yr left a long-lasting scar on person confidence. One which even a profitable restart might not simply restore.