WazirX: WazirX to resume operations, 15 Months after cyberheist
Synopsis
WazirX is set to resume operations after a 15-month hiatus following a $235 million cyberhack. The Singapore High Court approved a restructuring plan, promising users 85% of their balances by July 18, 2024, with the remainder over three years.
Mumbai: Indian cryptocurrency exchange WazirX will resume operations almost 15 months after it suffered a $235 million cyberhack which stole nearly half of the platform’s holdings.
The decision follows the Singapore High Court giving a green signal to its restructuring plan.
As per the approved restructuring plan, the company expects to return 85% of user balances, as of July 18, 2024, 1 PM IST. The balance 15% shall be returned over the next three years from profits and recoveries, it said.
Crypto TrackerTOP COINS (₹) BNB99,763 (5.86%)Bitcoin9,684,485 (2.38%)XRP210 (1.1%)Ethereum338,461 (1.08%)Tether88 (0.02%) As part of an effort to win back user trust, WazirX will offer zero trading fees across all pairs. Prior to the hack, WazirX was a leading crypto trading platform in India with 16 million users.
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View Details » In a statement on Thursday, WazirX said the operations will now reopen in phases, beginning with crypto-to-crypto trading pairs and the USDT/INR market. More pairs will be added in the coming days.
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The relaunch comes with a renewed focus on security and asset protection, it said. WazirX announced a partnership with BitGo, a US-based crypto custodian, to manage its digital assets.
