MUMBAI / LONDON (IT BOLTWISE) – After a serious hacker attack in 2024, Indian crypto exchange WazirX is returning with a new approach. The platform initially offers fee-free trading to regain user trust and increase liquidity. The reopening will take place gradually to ensure the stability of the system.
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Indian crypto exchange WazirX plans to resume operations in 2024 after a long hiatus due to a massive hacker attack. The attack resulted in a loss of $234 million and forced the platform to halt trading. Now CEO Nischal Shetty announces that trading will resume on Friday with a special incentive: trading will be fee-free for at least 30 days to win back users and increase liquidity.
The platform restart will occur in phases to test the stability of the system and gradually restore liquidity. Initially, USDt trading pairs will be available before gradually rolling out trading of the Indian Rupee and other tokens. This cautious approach is intended to ensure that the platform can be brought back into operation smoothly and transparently.
During the platform’s inactivity, some token projects changed, resulting in WazirX delisting or merging certain tokens. The exchange emphasizes that it regularly reviews listed tokens to ensure they meet standards of transparency, technical stability and integrity. Tokens that no longer meet these requirements will either be delisted or adjusted.
The restart of WazirX is the result of a long recovery process that began after the hacker attack. The attackers had withdrawn assets from a safe multisig wallet, leading to extensive forensic investigations and negotiations with creditors. The parent company, Zettai, underwent a court-supervised restructuring process that ultimately resulted in an approved restructuring plan. These measures now allow WazirX to resume operations and regain user trust.
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