WazirX, an Indian cryptocurrency exchange, will be back with their trading operations on 24th October after a shutdown period of 16 months due to a major hack in July 2024. As per reports, the attack, which was carried out by North Korea’s Lazarus Group, resulted in a situation where the exchange had to stop all transactions in order to restructure security, as the losses were more than $230 million.
Nischal Shetty, the co-founder, conveyed the launch of the new version in a post on X (formerly Twitter), and thanked the community for their patience and perseverance. “Your support was the key to achieving the restart which was considered impossible,” Shetty said, adding that their next target is to recover the users’ lost value due to the cyberattack.
According to WazirX’s official press release, the trading resumption will be gradual over the next four days, with complete access to the platform on October 27. The exchange has also permitted Indian rupee (INR) deposits and crypto deposits, thus indicating renewed liquidity and user accessibility. To upgrade transparency and provide real-time visibility into user holdings, a new token balance page has been introduced.
The gradual deployment is a way to guarantee the platform’s security and stability while the company is doing security checks and can therefore keep an eye on trading operations to a limited extent before they are allowed to open at full capacity again. Industry analysts consider such a cautious approach as a necessary step to regain the confidence of the market after the crypto-related incident that had the largest impact on India.
In July 2024, WazirX publicized that the Lazarus Group took advantage of a flaw in its multisig wallet system, thereby leading to the theft of digital assets worth more than $230 million. As a result of the hack, the exchange, which was the largest by volume in India at that time, ceased all trading activities in order to stop further losses and to investigate the attack.
The Singapore High Court gave its approval to WazirX’s updated restructuring plan last week. The plan had obtained the backing of 95.7% of the creditors. The court’s decision was like a green light, both legally and operationally, for the exchange to be reopened. It was a key moment in the return of India’s trust in the local crypto infrastructure.
The crypto market changes in an instant. Keep up with Chainbull for expert guidance, detailed breakdowns, and reliable updates on blockchain and digital assets.
