India's cryptocurrency exchange WazirX will restart its exchange on Friday after a long suspension due to a $234 million hacking incident.
WazirX CEO Nischal Shetty announced on Thursday that the company will resume trading on Friday and will offer at least 30 days of zero trading fees during the phased reopening.
Shetty stated on the X platform, "We will do our best to extend the activity period and continue to support the community." He added that they will strive to help users succeed.
This restart follows the platform being frozen in July 2024 due to a significant security vulnerability, which led to a disruption of trading activities for over a year.
The company noted in a blog post that all token trading will gradually open from Friday to Monday. This move aims to test system stability, restore liquidity, and ensure a smooth and transparent reopening of the exchange.
During the phased launch, users can start placing orders at 10:00 AM Indian Standard Time, with order matching beginning at 5:00 PM. The market will first reopen with USDT trading pairs. INR-based trading will initially offer the USDT/INR trading pair, followed by expansions to other tokens.
The company stated that the temporary zero-fee initiative aims to allow users to re-engage with the platform without barriers as liquidity is restored. The plan will be extended as needed based on market feedback.
WazirX added that during the platform's downtime, some token projects underwent adjustments. Therefore, the exchange announced that it has delisted certain tokens based on project developments and has replaced or merged some tokens.
The exchange also stated that it will regularly review the listed tokens to ensure they meet transparency, technical stability, and compliance standards. Tokens that no longer meet the requirements will be delisted or replaced as necessary.
WazirX's restart marks the beginning of a long recovery process following the $234 million hacking incident in July 2024. On July 18, attackers transferred assets from a Safe multi-signature wallet associated with the exchange, forcing the platform to suspend withdrawals.
Following the incident, the platform conducted months of forensic investigations, asset tracking, and negotiations with creditors. The exchange's Singapore parent company, Zettai, subsequently entered a court-supervised restructuring process.
The entire process lasted for months, involving multiple actions from creditors, WazirX, and the Singapore High Court. Ultimately, a restructuring plan was approved on October 13, allowing the exchange to continue operations.
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Original: “WazirX Bets on Zero-Fee Crypto Trading to Drive Its Reopening After a Long Suspension”
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