Crypto exchange platform WazirX is scheduled to resume operations tomorrow, one week after the Singapore High Court approved its reorganization plan.  (24 October).

The business plans to fully eliminate trading costs for all trading pairs—a pair of two distinct cryptocurrency assets that may be traded against one another on an exchange—in India in an effort to get traders to return to the platform.  In the near future, it plans to extend the 0% trading charge to all other marketplaces.

Furthermore, it is crucial to remember that WazirX will relaunch in phases, allowing investors to trade in Tether to INR and cryptocurrency to cryptocurrency pairs.

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Following a significant cybersecurity attack on its platform that led to the theft of digital assets valued at approximately $235 million, WazirX is anticipating a resurgence. 

WazirX stated that it is working toward issuing recovery tokens to affected creditors, even though traders affected by the cryptocurrency robbery have yet to receive their stolen money back.  

The company’s website states that it will award recovery tokens based on the value of their pertinent claims, which will be proportionate to the total value of all relevant claims.

The cryptocurrency exchange has teamed up with BitGo, which offers infrastructure and security services for digital assets like bitcoin currencies and NFT, in an effort to stop similar mishaps in the future.

At the moment, asset security is a vital component of the global cryptocurrency ecosystem.  “As we restart, our partnership with BitGo adds an extra layer of trust and protection with world-class custody standards,” Nischal Shetty, founder of WazirX, stated.

The business also claimed to have finished token migrations, mergers, delistings, token swaps, and any rebrandings that may have occurred for the tokens on its platform in the previous week.

As part of the restructuring plan, WazirX finished rebalancing its liquid net assets in February, enabling investors to get their digital assets back that had been stolen.

A cyberattack at WazirX in July 2024 caused the platform to lose $235 million in cryptocurrency assets from its multi-signature wallet that was stolen on Liminal.  WazirX then stopped operating and reported the incident to the Special Cell of the Delhi Police.

The cryptocurrency site first attempted to attribute the incident to Liminal, but subsequent research showed that the stolen digital assets were actually hacked by the North Korean hacker collective Lazarus.

Last year, the business started the process of recovering the stolen digital assets in response to the growing demand from the 4.3 million WazirX users who were impacted.  The first step toward recovery was taken in April when WazirX’s creditors approved its restructuring plan and started allocating the stolen cryptocurrency assets.  The Singapore High Court eventually approved the scheme last week after twice rejecting previous iterations, enabling the exchange to start trading and withdrawals again in a matter of days.

The Indian cryptocurrency exchange WazirX is not the only one affected by cyber security lapses.  CoinDCX also suffered a cyberattack in July of this year, in which hackers stole digital assets valued at $44 million from the platform.