WazirX to resume ops from Oct 24, over a year after $230 mn crypto breach

WazirX restarts operations more than a year after a $230 million breach, enabling tokens in phases from 24 October and offering zero trading fees for 30 days

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WazirX on Thursday said trading will resume on the crypto exchange platform starting October 24, about 15 months after it lost $230 million to a security breach. The restart of platform operations comes after the firm completed its restructuring process as directed by the High Court of Singapore.

 

The company said tokens will be enabled for trading in phases over four days starting October 24, reaching complete activation by October 27. It added that trading will not attract any fees for the first 30 days for users.

 

“Asset security is currently a crucial aspect in the global crypto ecosystem. Our partnership with BitGo adds an additional layer of trust and protection with world-class custody standards, as we restart,” said Nischal Shetty, founder, WazirX.

 

WazirX is restarting trading in a phased manner on the platform with a view to “restore liquidity safely, confirm technical stability, and ensure a gradual and reliable return to normal trading across all market pairs”.

 

“Trading will be enabled gradually over four days, beginning 24 October 2025. Each day, around 25 per cent of all tokens will be enabled for trading until the platform reaches full functionality by 27 October,” it said in a blog. 

 

For the first four days, all tokens will be enabled for trading in the USDT market. In the market, only the USDT/INR pair will be live initially, it added.

 

“Other INR trading pairs will be enabled gradually after the platform reaches full functionality, with separate announcements shared accordingly,” it said.  WazirX had 4.3 million creditors in total.

 

Creditors are the investors and users who were affected by the cyberattack. 

 

In June, the Singapore Court had initially rejected the proposed restructuring plan of the company. 

 

The dismissal of WazirX’s parent firm Zettai’s scheme of arrangement had come weeks after the company incorporated a subsidiary, Zensui Corporation, in Panama. 

 

The court’s action was prompted by the company’s failure to disclose these incorporation details during the restructuring process, according to people familiar with the matter.

 

Eligible creditors on the platform voted in favour of the scheme in August. This was the second time the process was arranged. 

 

Around 149,000 scheme creditors participated in the revote, representing $206.9 million in claims. Of this, around 95.7 per cent or 143,000 creditors representing $195.7 million voted in favour of the scheme.  

 Fresh start

• WazirX restarting platform’s ops in a phased manner
• Restart comes about 15 months after security breach resulted in loss of $230 million Has 4.3 million total creditors
• Singapore High Court sanctioned the creditor-approved restructuring scheme in October