WazirX, one of India’s leading cryptocurrency exchanges, is set to restart operations on October 24, more than a year after a massive security breach disrupted its platform and left users in limbo.
Key Takeaways
- WazirX resumes trading and withdrawals on October 24, 2025, following a $230 million hack and court-approved restructuring.
- Zero trading fees across all pairs are being offered to encourage liquidity and participation.
- Enhanced security measures include a new partnership with BitGo, a top-tier digital asset custodian.
- The relaunch may influence crypto regulations and trust models across Asia, setting new standards for user protection and compliance.
What Happened?
In July 2024, WazirX fell victim to a catastrophic hack involving its multisig wallet, leading to over $230 million in losses. The breach, reportedly linked to North Korea’s Lazarus Group, forced the exchange to halt operations and undergo a major restructuring. After 16 months of legal, financial, and technological recovery efforts, WazirX is reopening its doors, starting with crypto and INR deposits, and enabling trading and withdrawals from October 24, 2025.
Trading Will Begin with ZERO Trading Fee Across All Markets 🚀
— WazirX: India Ka Bitcoin Exchange (@WazirXIndia) October 23, 2025
Trading on WazirX will resume with zero trading fee across markets, making it easier for every user to trade seamlessly as the platform restarts.
Trading for tokens will be enabled gradually over four days,… pic.twitter.com/fG1XuWgAdK
WazirX’s Relaunch Strategy
WazirX is calling its reopening a “Restart Offer” and rolling it out in phases. As part of the relaunch strategy, the exchange is:
- Waiving trading fees across all trading pairs.
- Reintroducing select trading pairs including crypto-to-crypto and USDT/INR.
- Planning to expand markets in the coming days based on user engagement.
The goal is to rebuild user confidence, improve platform liquidity, and signal a new era for the exchange that once dominated the Indian crypto market.
Court-Approved Restructuring and Recovery
The exchange opted to carry out its restructuring through the High Court of Singapore, a decision that sparked controversy at the time. However, WazirX emphasized that the process was transparent and inclusive:
- Two separate rounds of voting were held among creditors.
- Both rounds saw a majority approval for the restructuring scheme.
- Users are expected to begin receiving token distributions and recovery tokens within 10 business days.
While the move to a foreign court raised eyebrows among Indian regulators and users, WazirX has since improved its standing by aligning closely with Indian compliance requirements, including proactive transaction reporting to the Financial Intelligence Unit (FIU).
Enhanced Security with BitGo
To prevent another security failure, WazirX has partnered with BitGo, a US-based institutional-grade custodian known for its insured digital asset storage. This partnership aims to bring:
- World-class security infrastructure.
- Insured custody solutions for user assets.
- Increased transparency and regulatory alignment.
Nischal Shetty, WazirX’s founder, reiterated the exchange’s mission, stating:
A Lesson for Asia’s Crypto Industry
The WazirX incident has had ripple effects across Asia’s crypto market. The scale of the breach highlighted glaring vulnerabilities in exchange security systems and sparked renewed interest in:
- Regulatory oversight across jurisdictions.
- Improved wallet management protocols.
- Greater transparency and user communication.
WazirX’s new compliance-first approach, including early alignment with Indian regulations, is being seen as a model for other exchanges navigating post-crisis rebuilding.
CoinLaw’s Takeaway
In my experience watching the crypto space evolve, this WazirX comeback is more than just another exchange relaunching after a breach. It is a case study in resilience, recovery, and the role of trust in digital finance. The fact that they’ve moved toward institutional-grade custody and zero-fee trading tells me they’re serious about winning back users. I found their transparency and commitment to user asset recovery impressive, though only time will prove whether they’ve truly turned the corner. Still, this could become a blueprint for how exchanges should respond to catastrophic security failures.
