WazirX Relaunch: Trading Resumes After $230M Hack
WazirX relaunch is set for October 24, following a $230 million Lazarus Group hack in July 2024. The Indian crypto exchange paused trading for 16 months under a Singapore High Court restructuring approved by its parent, Zettai Pte. Ltd. Creditors unanimously backed the plan, and rebalanced tokens and INR deposits have reopened. Trading and withdrawals will restart in phases, beginning with USDT/INR and select crypto pairs, with zero trading fees to boost liquidity. To compensate users, WazirX will distribute Recovery Tokens at relaunch. Security has been strengthened through a partnership with institutional custodian BitGo, offering insured custody and multi-layer protection. This WazirX relaunch aims to restore user confidence and stabilize the Indian crypto market.
Bullish
The news of WazirX relaunch delivers clear bullish signals for traders. In the short term, the phased resumption of trading and zero-fee orders will drive higher volumes and renewed liquidity, especially in the USDT/INR market. The distribution of Recovery Tokens addresses user losses, boosting confidence. Over the long term, the partnership with BitGo and enhanced custody measures reduce security risks and reinforce trust, laying a stable foundation for future growth in the Indian crypto sector.