WazirX to relaunch after crippling $230M hack

WazirX, once India’s largest cryptocurrency exchange by trading volume, is set to restart operations on 24 October 2025, a year after a crippling $230 million cyberattack forced it into bankruptcy.

The relaunch marks the final stage of a court-approved restructuring and represents one of the most significant recoveries in India’s digital asset sector.

According to an email sent to creditors this week, the reopening signals the end of months of restructuring led by Zettai Pte. Ltd., WazirX’s Singapore-based parent company.

More than 95% of creditors supported the revival plan, which was sanctioned by the Singapore High Court earlier this year.

Exchange revival driven by new structure and stronger compliance

The restructuring process positioned Zettai as the key operator overseeing WazirX’s revival.

Under the court-approved plan, the company completed an extensive reorganisation to address claims arising from the 2024 hack, one of the largest in India’s crypto history.

The breach, which wiped out $230 million in user assets, left thousands of traders stranded and triggered a year-long shutdown.

The restructuring plan ensures that creditors and affected users will be compensated through Recovery Tokens (RTs).

These tokens represent a pro-rata share in future platform revenue and any successfully recovered assets.

The relaunch also coincides with WazirX introducing a stronger compliance structure.

The exchange has partnered with BitGo, a United States-based institutional digital asset custodian, to secure user funds in insured custody wallets.

BitGo’s infrastructure is compliant with international standards, offering multi-signature wallets and cold-storage security to reduce the risk of future breaches.

Trading to resume with zero-fee campaign

In its relaunch phase, WazirX will reopen select crypto-to-crypto and USDT/INR trading pairs, with more listings expected to follow in the coming months.

To rebuild liquidity and encourage user activity, the company will roll out a “Restart Offer”, allowing users to trade with zero transaction fees for a limited period.

The incentive aims to attract both existing customers and new traders at a time when India’s crypto participation has slowed due to high taxation and increased regulatory pressure.

User asset recovery and future plans

WazirX confirmed that all eligible creditors have been included in its user asset recovery plan, ensuring partial reimbursement for losses from the 2024 breach.

The plan integrates blockchain-based monitoring to enhance transparency in the compensation process.

The company’s leadership described the relaunch as a step toward restoring trust in India’s cryptocurrency ecosystem.

The exchange’s court-supervised recovery and insured asset protection are expected to set a precedent for other platforms navigating similar crises.

As part of the restructuring, all operational and governance frameworks have been re-evaluated.

The exchange’s internal security policies have been upgraded to align with international custodial and compliance benchmarks, marking a shift towards institutional-grade asset management in the Indian market.