After a 16-month hiatus triggered by one of the largest crypto hacks in India’s history, cryptocurrency exchange WazirX has announced the resumption of trading operations starting October 24. The move marks a major comeback for the platform, which had suspended services following a $230 million breach linked to North Korea’s Lazarus Group.
Gradual Rollout Of Trading Features
According to WazirX’s latest blog post, trading activities will restart in phases over four days, with full functionality expected by October 27. The exchange has already re-enabled INR and crypto deposits, alongside an updated token balance page for users. This phased approach, the company said, ensures system stability and security as operations scale back up.
Co-founder Nischal Shetty took to X to thank users for their patience and trust during the long shutdown.
“Your support helped us achieve the impossible task of restarting,” Shetty wrote. “Now we have next step, to create more value for everyone who has been impacted.”
The return to trading comes as the platform works to rebuild confidence among its users, many of whom had funds frozen since July 2024.
The Hack That Shook India’s Crypto Sector
In July 2024, WazirX confirmed that it had been targeted by North Korea’s Lazarus Group, a hacking collective notorious for cyberattacks on financial institutions. The breach exploited a weakness in WazirX’s multisig wallet system, leading to a theft exceeding $230 million. The platform, then India’s largest crypto exchange by volume, had immediately suspended trading to prevent further losses and began a lengthy recovery and restructuring process.
Court Approval Clears Path For Revival
The final hurdle for the platform’s relaunch was cleared last week when the Singapore High Court approved WazirX’s revised restructuring plan, which had already been backed by 95.7% of participating creditors. This legal green light allowed WazirX to restore operations and initiate the phased reopening.
WazirX’s return marks a significant moment for India’s crypto industry, which has faced regulatory uncertainty and cybersecurity concerns in recent years. The company’s focus now appears to be on restoring user trust, securing its systems, and proving that a hacked exchange can, indeed, rise again.
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