WazirX to Resume Trading with Zero Fees on October 24
India's cryptocurrency exchange, WazirX, will resume operations on Oct. 24 after receiving approval for its restructuring plan from the High Court of Singapore. This follows a significant security breach in 2024.
- Trading will begin with zero fees for at least 30 days, potentially extending further, to rebuild user confidence.
- Trading will restart in phases over four days, with 25% of tokens available each day, reaching full functionality by Oct. 27.
- Initially, all tokens are tradable in the USDT market, with only the USDT/INR pair available in the INR market. Additional INR pairs will be added gradually.
Users are advised to expect temporary price fluctuations and varying liquidity as markets reopen.
Background and Recovery Efforts
- The relaunch follows more than a year of uncertainty for 150,000 users after a $234.9 million hack in July 2024.
- WazirX submitted a court-approved restructuring plan for asset recovery and user repayment.
- To enhance security, WazirX partnered with BitGo for insured, institutional-grade storage solutions.
- The exchange completed token swaps, mergers, delistings, migrations, and rebranding ahead of the relaunch.
- Distribution of tokens to creditors will start within 10 business days, including issuing Recovery Tokens.