WazirX to Resume Crypto Trading and Withdrawals Post-Hack: Key Dates and Details
Indian cryptocurrency exchange WazirX is preparing to reopen its trading and withdrawal services, marking its return to full functionality after a major security breach in July 2024. The platform had suspended operations following a cyberattack that compromised approximately $235 million worth of digital assets. After months of legal and technical efforts, WazirX is now poised to reintroduce trading and unlock user funds in a staggered rollout.
According to an official update from the exchange, trading will resume in multiple phases starting October 24, with all services expected to be fully operational by October 27. During this period, about 25% of supported tokens will be made available for trading each day. Initially, all assets will be accessible through USDT trading pairs. Support for other INR-based pairs will be added gradually once the system is deemed stable.
The exchange emphasized that this phased strategy is designed to restore liquidity in a secure and controlled manner. By gradually reactivating markets, WazirX aims to confirm system integrity and minimize potential disruptions.
To encourage user participation and smooth the transition, WazirX will offer zero trading fees for the first 30 days after reopening. Depending on community feedback and trading volume, this promotional period may be extended.
While the initial blog post did not specify a clear timeline for withdrawals, WazirX CEO Nischal Shetty later clarified on social media that INR withdrawals are already active. Crypto withdrawals will go live in sync with the trading restart on Friday, October 24. Shetty also noted that more tokens would be progressively added to the withdrawal and trading list as operations stabilize.
This relaunch follows a favorable ruling from the High Court of Singapore, which approved a restructuring proposal submitted by WazirX’s parent company, Zettai Pte Ltd. The court’s decision, granted earlier this month, allowed the exchange to initiate its recovery plan officially on October 15. Staying true to its commitment, WazirX has managed to stick to its 10-business-day relaunch target.
The July 2024 hack marked the exchange’s most significant crisis to date. Investigations have linked the breach to the notorious Lazarus Group, a North Korean cybercrime syndicate known for targeting cryptocurrency platforms. Interestingly, the attack occurred almost exactly a year after a similar incident affected CoinDCX, another major Indian crypto exchange, resulting in a loss of $44 million. However, in CoinDCX’s case, the stolen funds were reportedly internal assets and not customer holdings.
At present, Bitcoin is trading at approximately $109,400, reflecting a 1.7% dip over the past week. Despite recent setbacks in the Indian crypto sector, the market remains active, with investors cautiously optimistic following WazirX’s revival.
What Does WazirX’s Comeback Mean for Users?
The reopening of WazirX isn’t just a technical rollout; it’s a significant signal to Indian crypto users and global investors that the platform is committed to restoring trust. For thousands of account holders who had their assets frozen for months, this marks the first real opportunity to regain access to their portfolios.
The 30-day zero-fee offer is also likely to attract both returning and new users. With trading costs temporarily eliminated, short-term traders and market makers may find the platform more appealing, potentially boosting liquidity in the early days of the relaunch.
How Safe Is It to Use WazirX After the Hack?
Security remains a top concern for users. While the company hasn’t disclosed all the technical upgrades implemented post-hack, the phased rollout implies a cautious and calculated approach. This suggests WazirX is actively monitoring vulnerabilities and stress-testing its systems before full-scale activation.
Moreover, the court-approved restructuring indicates that the company is now operating under stricter oversight, which may include compliance improvements, insurance coverage, and enhanced user fund protection mechanisms.
Will Token Listings Be Affected?
Initially, only USDT pairings will be supported. This means that users looking to trade altcoins with INR or BTC may need to wait until further notice. However, the exchange has promised to expand pairings gradually. Prioritizing USDT pairs likely aims to ensure liquidity and reduce volatility during the fragile restart phase.
Implications for the Indian Crypto Industry
WazirX’s return could have ripple effects on India’s broader digital asset ecosystem. As one of the largest exchanges in the country, its downtime had created uncertainty and hampered investor confidence. A successful and stable relaunch could help restore momentum, especially amidst ongoing regulatory ambiguity in India.
What Should Users Do Now?
Users with locked funds should monitor their accounts closely starting October 24. It’s advisable to verify wallet addresses, enable two-factor authentication, and double-check withdrawal limits as the platform resumes operations. Caution is especially important while trading during the initial days, as liquidity and order books may remain thin until full functionality is restored.
Future Outlook
If WazirX can maintain stability and rebuild user trust, it stands a strong chance of regaining its position in India’s competitive crypto market. However, much will depend on its continued transparency, security upgrades, and responsiveness to user concerns.
The next few weeks will be crucial in determining whether this comeback turns into a sustainable recovery or merely a temporary fix. For now, all eyes are on October 24, as WazirX takes its first steps toward redemption.