India-based crypto trading platform WazirX will resume its exchange on Friday after an extended hiatus brought on by a $234 million hacker attack.
WazirX CEO Nischal Shetty said in an announcement on Thursday that the corporate would resume trading on Friday and offer no trading fees for at the least 30 days as a part of a phased restart.
“We will try our greatest to expand even further! We need to be with our tribe and support you in every way possible,” Shetty wrote on X, adding that they may do all the things they will to assist users succeed.
The relaunch follows greater than a yr of suspended trading activity after the platform was frozen following a significant security breach in July 2024.
Source: Nischal Shetty
WazirX step by step enables trading for all tokens
In a blog post, the corporate said it could enable trading for all tokens step by step from Friday to Monday to check the steadiness of its system, restore liquidity and ensure a “smooth, transparent restart.”
During the phased rollout, users will give you the chance to put orders from 10:00 am India Standard Time (IST), with order matching ranging from 5:00 pm IST. Markets will initially reopen with USDt (USDT) trading pairs, while Indian Rupee-based trading will initially begin with only a USDT/Rupee pair before expanding to other tokens.
The company said its temporary fee-free offering is aimed toward allowing users to easily resume using the platform once liquidity returns. The program may very well be prolonged depending on market response, it said.
WazirX added that token projects underwent changes while the platform was inactive. As a result, the exchange announced that it had delisted some tokens and exchanged or merged others as a result of developments throughout the projects.
The exchange added that it often reviews listed tokens to make sure they meet its transparency, technical stability and integrity standards. When tokens not meet requirements, they will probably be delisted or exchanged if mandatory.
WazirX's relaunch follows over a yr of inactivity
WazirX's relaunch follows a lengthy recovery process that began after a $234 million hack in July 2024. On July 18, attackers withdrew assets from a Safe Multisig wallet connected to the exchange and compelled it to suspend withdrawals.
The incident triggered months of forensic investigations, asset tracing and negotiations with creditors. The exchange's Singapore-based parent company, Zettai, later initiated a court-supervised restructuring process.
The trial spanned months of proceedings involving lawsuits from creditors, WazirX and the Singapore Supreme Court. This ultimately led to the approval of the restructuring plan on October 13, allowing the exchange to proceed.
