WazirX, India’s leading crypto exchange, is restarting operations on October 24, 2025, after a major hack in July 2024 stole $234 million. The relaunch features zero trading fees for at least 30 days, a new BitGo custody partnership for enhanced security, and a phased recovery plan approved by 95.7% of creditors, aiming to restore access for 6.6 million users.
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WazirX hack recovery: Platform resumes trading post-court approval, with INR withdrawals already active and crypto trading starting Friday.
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Phased rollout enables 25% of tokens daily, beginning with crypto-to-crypto pairs and USDT/INR before full INR markets.
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Recovery potential: Users may regain 75-80% of funds via Recovery Tokens, backed by 95.7% creditor vote and new insured custody from BitGo.
Discover how WazirX is relaunching after the 2024 hack with zero fees and BitGo security. Get insights on recovery for Indian crypto users and what this means for the market—stay informed today!
What is the WazirX Restart Plan Following the 2024 Hack?
WazirX restart involves a court-sanctioned restructuring that allows the exchange to resume operations for its 6.6 million users after the July 2024 cyberattack linked to North Korean hackers, which resulted in $234 million in losses. The plan, approved by 95.7% of creditors in Singapore, includes issuing Recovery Tokens to affected users and partnering with BitGo for institutional-grade, insured custody to prevent future breaches. Trading will begin on October 24, 2025, with zero fees for at least 30 days to rebuild user confidence.
How Will WazirX Implement Phased Trading and Withdrawals?
The WazirX relaunch adopts a staged approach to ensure stability, starting with INR withdrawals that are already available. Crypto trading and withdrawals kick off on October 24, focusing initially on crypto-to-crypto trades and the USDT/INR pair, with approximately 25% of tokens unlocked each day until full access by Monday. This gradual rollout, as outlined in official statements, minimizes risks while addressing user demands for quick fund recovery. Founder Nischal Shetty emphasized the focus on user support, stating, “Our focus is only YOU. We will do whatever it takes,” in a recent update. Data from the restructuring indicates potential recovery of 75% to 80% of frozen balances through the token system, though some users have noted discrepancies in calculations, prompting calls for clearer communication. Experts like Edul Patel, CEO of Mudrex, highlight that this structured recovery demonstrates intent to restore trust, estimating investors could access around 4000 crore rupees despite a 15% shortfall.
The partnership with BitGo marks a significant security enhancement, providing cold storage and insurance for user assets. This move addresses past vulnerabilities exposed by the hack, where multisig wallet approvals were exploited. According to reports from financial analysts, such custody solutions have reduced breach incidents in the industry by up to 40% in recent years. WazirX’s compliance team is also handling re-KYC processes, though delays have frustrated some users waiting for INR access.
Transparency remains a focal point, with the Delhi High Court in August ordering disclosure of acquisition details related to Binance and restructuring schemes. Creditors continue to advocate for verifiable proof of reserves, underscoring the need for independent audits in the post-relaunch phase.
Frequently Asked Questions
What Happened in the WazirX Hack and How is the Restart Addressing It?
The July 2024 WazirX hack saw $234 million stolen from a multisig wallet by suspected North Korean actors, freezing user funds. The restart plan counters this with BitGo’s insured custody, Recovery Tokens for 75-80% recovery, and zero-fee trading to attract users back, all under court-approved restructuring for maximum creditor protection.
When Can Users Expect Full Access to Their WazirX Accounts After the Relaunch?
Trading resumes October 24, 2025, with phased token unlocks over the weekend, reaching full functionality by Monday. INR withdrawals are live now, while crypto trades start Friday—designed for smooth, secure access without overwhelming the system, as shared in platform announcements.
Is WazirX Safe to Use After the Hack and Restructuring?
Yes, the new BitGo partnership adds institutional-grade security with insurance, a step up from previous measures. However, experts recommend verifying personal account recoveries and awaiting independent audits to ensure ongoing transparency and reserve proofs.
Key Takeaways
- Phased Relaunch: Operations restart October 24 with zero fees, gradually unlocking assets to prioritize stability and user access.
- Security Upgrades: BitGo custody provides insured protection, addressing vulnerabilities from the $234 million hack and rebuilding platform reliability.
- Recovery Outlook: Creditors back 75-80% fund restoration via tokens; address discrepancies promptly to foster trust in Indian crypto markets.
Conclusion
The WazirX restart after the 2024 hack represents a pivotal moment for India’s crypto ecosystem, with the WazirX relaunch featuring enhanced security through BitGo and a creditor-approved plan for fund recovery. While challenges like payout inconsistencies and re-KYC delays persist, the zero-fee incentive and phased approach signal a commitment to user-centric recovery. As the platform moves forward, independent audits will be crucial for long-term credibility—users should monitor updates and consider diversified custody options to navigate the evolving crypto landscape securely.
