WazirX to Relaunch on October 24 After $230 Million Hack

Singapore High Court has officially endorsed the restructuring of Singapore-based WazirX, which means that India’s formerly largest crypto exchange can resume its activities on October 24, 2025, one year after it was forced offline by a 230 million (in 2000000 rupees) hack.

印度前最大加密货币交易所 WazirX 将于 2025 年 10 月 24 日重启运营，结束因超 2.3 亿美元资产被盗导致的一年停运期。该平台已完成新加坡高等法院批准的重组计划，并获得大多数债权人支持。重启初期将开放部分交易对和 USDT/INR…

— 吴说区块链 (@wublockchain12) October 23, 2025

Hack January 18, 2024 Emptied 50% of Assets

Investigations by CERT-IN and the Financial Intelligence Unit (FIU) report that hackers have stolen crypto assets valued at between 230 and 235 million dollars in the WazirX hot wallet on July 18, 2024. The attack on the theft against WazirX was also approximately half of the entire reserves, which paralyzed its operations and immediately froze withdrawals and trading. The decision enabled the company to escape bankruptcy and make repayments to the users on a managed plan. Coinpedia financial disclosures state that WazirX has already had 566.4 million USDT of liquid assets and a verified user claim of 546.5 million, which means that over 100 covers it.

Staged Retailition and Zero-Fee Trading

The trading at WazirX will also restart in stages, with the initial ones being the trading of crypto-to-crypto pairs and the USDT/INR market. To lure traders in again the exchange will provide zero trading fees in the first phase. WazirX has written on its official blog. This relaunch is based on security, transparency, and user trust. We have restructured our infrastructure to institutional levels. The company has collaborated with BitGo in the provision of custodial, which incorporates multi-signature wallet systems and sophisticated monitoring to avoid future exploits.

Industry and Regulatory Environment

WazirX is the best exchange in India before the 2024 hack, which facilitated more than 1 billion in trading volumes per month. Its shutdown caused a large market void, which was subsequently occupied by CoinSwitch and CoinDCX. The Bank of India (RBI) and the FIU have also increased the scrutiny of the exchanges after the hack, and have demanded greater KYC and custody audit. Analysts observe that the success with which WazirX implements its recovery token scheme will dictate the ability of the company to recover the two million Indian users that it previously served.