WazirX To Resume Trading After 16-Month Shutdown

Indian cryptocurrency exchange WazirX will resume trading on Friday, sixteen months after a devastating hack forced the suspension of all operations on the ￰0￱ $230 million security breach, orchestrated by the dreaded Lazarus Group, effectively took India’s oldest cryptocurrency exchange ￰1￱ To Resume Operations Once India’s largest cryptocurrency exchange, WazirX, is set to resume operations on Friday after a sixteen-month ￰2￱ platform went offline after a $230 million security breach crippled the exchange, forcing it to halt operations and freeze user ￰3￱ co-founder Nischal Shetty confirmed that trading will resume on October 24, and tokens on the platform will be enabled for trading over the course of four ￰4￱ will be fully online by October ￰5￱ stated in a post on X, “Your support helped us achieve the impossible task of ￰6￱ we have the next step, to create more value for everyone who has been impacted.” The exchange had announced on Wednesday that INR and crypto deposits were enabled on the platform, along with an updated token balance page.

Court-Ordered Restructuring WazirX suffered one of the largest crypto-related breaches in ￰7￱ platform’s relaunch comes after a Singapore High Court-approved restructuring plan under Zettai Pte. Ltd., WazirX’s parent ￰8￱ restructuring received nearly unanimous support from the platform’s creditors earlier this ￰9￱ restructuring was the final step in restarting the platform, and included months of legal proceedings, forensic audits, and discussions with ￰10￱ will begin with select markets and include crypto-to-crypto pairs and the USDT/INR ￰11￱ platform has also announced a temporary zero-fee trading offer during its restart phase to encourage participation and support ￰12￱ To Receive Recovery Tokens Users who lost access to their funds and assets during the shutdown finally have clarity on the fate of their ￰13￱ has stated that token distributions will begin alongside the platform’s ￰14￱ creditors will receive Recovery Tokens as part of the repayment ￰15￱ Recovery Tokens will help users recover some of the lost value of their ￰16￱ added that it will share more details about the repayment process once trading ￰17￱ were left in the dark during the platform’s shutdown, and the announcement is the first official communication regarding the timeline for repayments and a resumption of ￰18￱ Partnership With BitGo WazirX has introduced several new measures to protect user ￰19￱ platform has partnered with BitGo to overhaul ￰20￱ provides insured custody solutions and institutional-grade security for digital ￰21￱ platform’s custody solutions and multi-layered custody system will help WazirX prevent a repeat of the ￰22￱ partnership with BitGo will help WazirX restore user confidence and improve risk-management practices.

Disclaimer: This article is provided for informational purposes ￰23￱ is not offered or intended to be used as legal, tax, investment, financial, or other advice.