WazirX to resume operations after 15-month shutdown following cyberattack
What's the story
Popular cryptocurrency exchange, WazirX, is set to resume its operations from October 24. The decision comes nearly 15 months after a major cyberattack forced the platform to shut down. The relaunch follows the approval of the exchange's restructuring scheme by Singapore's High Court. As part of a "Restart Offer," users will be able to trade without paying any fees across all pairs.
Information
Exchange to start with select crypto-to-crypto pairs
WazirX's relaunch will start with select crypto-to-crypto pairs and the USD/INR pair. The exchange plans to gradually expand its market offerings. Although a page showing rebalanced tokens is already live, WazirX is still working on enabling withdrawals and trading services for its users.
Attack aftermath
Cyberattack led to suspension of operations
In July 2024, a cyberattack resulted in the loss of nearly 45% of WazirX's crypto assets, which were worth $234 million. The incident forced the exchange to suspend its operations. Meanwhile, the cryptocurrency market has seen a boom during this period, resulting in a surge in prices of existing tokens.
Scheme approval
Court approves restructured plan
In February, WazirX had announced plans to make tokens covering nearly 85% of creditors' balances available, subject to a majority users voting in favor of its restructuring scheme. The recent approval from the Singapore court came after a re-vote in August, where 95.7% of voting creditors (94.6% by value) backed the revised plan.
Founder remarks
We are back stronger than ever, says Shetty
WazirX's founder, Nischal Shetty, expressed his gratitude toward the community for their patience during the firm's challenging times. He reiterated the company's commitment to making cryptocurrency accessible to every Indian. "This isn't just a return to operations, it's a reinforcement of our integrity, which we've always strived for," he added.