Wazirx, once India’s largest cryptocurrency exchange by volume, will resume operations on October 24, per an email sent to creditors.
This ends more than a year of uncertainty for thousands of creditors who were left in limbo after one of the most dramatic falls in the country’s crypto history, which saw more than $230 million worth of various tokens stolen from the exchange.
The restart follows a Singapore High Court-approved restructuring under Zettai Pte. Ltd., parent company of Wazirx, which received next-to-no backing from creditors earlier this year.
It was the final step in a process that began after a massive security breach last year froze assets, shuttered withdrawals, and effectively took over India’s oldest crypto platform.
For many, the road to recovery has been slow. Creditors spent months waiting for clarity while the exchange navigated insolvency proceedings, forensic audits, and transition plans. Wednesday’s announcement marks the first concrete timeline for payments, with token distributions and recovery tokens expected to live alongside the restructuring.
Wazirx said that trading will initially reopen a number of markets, including crypto-to-crypto pairs and USDT/INR, and that all users will enjoy zero trading fees at launch as part of a “restart offer.”
Exchange’s comeback will test whether India’s retail community, battered by tax burdens and repeated platform failures, still trusts local exchanges. Wazirx is doing what it takes to enhance trust and safety by partnering with Bitgo to safeguard the platform’s assets through institutional-grade, insured custody solutions.
Once a dominant player in India’s crypto boom, Wazirx’s collapse last year left a lasting scar on user confidence. One that even a successful restart may not be easy to fix.
