Crypto exchange WazirX announced Thursday that it will resume trading on the platform on October 24, effectively restarting operations after a cyber attack forced its shutdown for more than a year. The move comes shortly after the bourse’s restructuring process got a nod from the High Court of Singapore. As part of the “Restart Offer”, the users will not have to pay any trading fee across all pairs, which is a huge relief. In July 2024, the crypto exchange platform faced a cyber attack, resulting in a theft of $230 million in digital assets. The cryptocurrency platform held North Korea-based Lazarus Group responsible for the security breach, a claim later backed by the United States, Japan and South Korea in a joint statement. Platform to focus on crypto-to-crypto pairs after relaunch The relaunch will happen in a phased manner as it will initially focus on certain crypto-to-crypto pairs and then USDT/INR pairs. This process will be followed by the gradual expansion of additional markets in the coming days. Earlier this week, WazirX completed all necessary token reorganizations — including swaps, mergers, delisting, migration of tokens and any re-trading the tokens may have undergone while the platform was closed, it said in a release. The platform is not set to restart operations and plans to distribute tokens to creditors within 10 business days. In addition, WazirX is preparing to issue recovery tokens to compensate users affected by the previous shutdown. Partnership with BitGo In a major step towards improving fund security, WazirX has partnered with a digital asset custody firm, BitGo, to protect platform assets using institutional-grade, secured custody solutions. “This is a new chapter in the platform’s journey to rebuild trust, transparency and innovation,” the release added. WazirX founder Nischal Shetty expressed his excitement about the relaunch. “At the heart of everything we do is our mission to make crypto accessible to every Indian. I want to thank the WazirX community for their patience through these difficult times,” said Shetty. CoinDCX Targeted by Hackers The cyber attack on WazirX was not an isolated incident as another crypto exchange, CoinDCX, also went through a similar ordeal. CoinDCX, one of India’s largest crypto exchanges, confirmed a major security breach in July after hackers wiped around $44 million from the platform.
Crypto exchange WazirX to resume operations after year-long shutdown following cyber attack – check date, other details
