After a 15-month shutdown following a major cyberattack in July 2024 that cost approximately US $230 million, Indian cryptocurrency exchange WazirX is set to resume operations on 24 October 2025. The relaunch follows the Singapore High Court’s approval of its restructuring plan under its parent company, Zettai Pte. Ltd.. Under this plan, users who were affected by the attack will begin to receive token distributions and recovery-tokens once trading resumes.
The Cyberattack That Ground Trading to a Halt
In mid-2024, WazirX suffered a devastating breach. Hackers drained roughly 45% of the platform’s assets valued at about $230 million forcing the exchange to suspend withdrawals and trading services indefinitely. At the time, the breach was traced to the North Korean-linked Lazarus Group, underscoring the seriousness of the incident. The failure to maintain uninterrupted access plunged users into uncertainty while global crypto markets surged, further inflaming frustration.
Court Sanction and Phased Relaunch
The relaunch is contingent on the Singapore High Court’s approval of WazirX’s restructuring scheme. In August 2025 creditors overwhelmingly backed the revised plan 95.7 % by count, representing 94.6 % by value allowing the court to sanction the arrangement thus enabling the relaunch path. Trading will reopen in phases: starting 24 October with select crypto-to-crypto pairs and USDT/INR, gradually expanding to full functionality by 27 October. As part of the “Restart Offer,” WazirX is offering zero trading fees across all pairs initially to encourage user reacquisition.
Rebuilding Trust: Security Measures and Partnerships
To restore credibility, WazirX has entered a partnership with institutional-grade custody firm BitGo Inc., positioning insured custody services as a cornerstone of its renewed platform. By migrating assets from prior custody arrangements and reinforcing wallet controls, WazirX aims to signal serious upgrades to investor protection and operational safeguards. Founder Nischal Shetty publicly affirmed the company’s mission to make crypto accessible to every Indian investor and emphasised that the reboot is not just about restarting, but reinforcing integrity.
What This Means for Users and the Ecosystem
For users, the relaunch means a return of trading access, albeit initially limited, and the prospect of recovering value through token distributions and recovery-token issuance. Still, caution remains warranted: the new operational model will be scrutinised for transparency, execution stability, and fairness in creditor treatment, especially given the trauma the hack caused to user confidence and the wider Indian retail crypto market.
On a broader level, WazirX’s turnaround illustrates a significant precedent in institutional recovery within the crypto industry. A well-banked, court-approved restructuring following a massive cyber breach is rarely seen in the sector. The case may influence how other exchanges approach disaster recovery, creditor remediation, and the role of regulatory pathways in crypto-restructuring.
Despite the progress, WazirX faces headwinds. Re-winning user trust will be slow and incremental. Even with zero-fee trading and phased rollouts, skepticism among retail investors and the order-flow previously lost to offshore platforms could linger. Execution risk remains high: ensuring withdrawals function, markets remain stable, tokens are correctly activated and security remains intact will all dictate whether the relaunch succeeds or falters.
On the opportunity side, the relaunch positions WazirX to capture renewed growth in India’s crypto market, particularly as regulatory clarity evolves and user appetite remains high. If it can demonstrate improved governance, custody, transparency and user treatment, it may re-establish itself as a credible local exchange alternative.
WazirX’s decision to restart operations on 24 October marks a critical turning point in its journey from crisis to comeback. While the effects of the 2024 hack will long linger in the minds of users, the court-approved restructuring, zero-fee relaunch incentives, and strengthened custody partnerships provide a foundation for recovery. Whether WazirX emerges stronger or simply re-opens under heavy scrutiny will depend on its execution in the coming months. For Indian crypto stakeholders, the world will be watching.
