WazirX, a Singapore-based cryptocurrency platform, will restart its trading business on October 24, 2025. This is huge for the company, which was shut down for about 16 months following a massive $235 million hack in 2024. So, what happened to the company in those 16 months? Why is WazirX making a comeback now? Did it recover from the losses yet? For all that, learn more.
What Happened After the Hack?
Basically, WazirX lost $235 million worth of assets during the hack. The company came under scrutiny and lost investors’ trust. The company was heavily criticised for communicating the details slowly to its customers. Additionally, all users’ funds were locked.
What Is Wazirx Planning to Do Now?
WazirX took permission from a Singapore Court to proceed with its restructuring plan. This restructuring is going to help the company fix its current finances, repay its users, and restart its business. About 95% of WazirX’s creditors have agreed to this plan.
WazirX Back to Trading
The company promised that when it returns to trading, it will charge customers nothing. This applies to crypto-to-crypto and USDT/INR (Tether-to-Rupee) trading pairs. It is one way to reach its users, including new ones.WazirX wants to add more tokens and trading pairs to the platform to rebuild its unique presence in the market.
WazirX’s Enhanced Security
The company, to tighten the security, has partnered with BitGo, a popular crypto custodian, to tighten security. The platform will help WazirX to store users’ digital assets via institutional-grade protection safely.
On the other hand, the company has also conducted an internal review, renewed its management, and updated its security and compliance policies to prevent future breaches.
With its new structure, WazirX will mainly focus on:
- Running the trading exchange.
- Safely managing crypto custody (storage).
- Following all regulations in different markets.
Note to Wazirx Users:
- WazirX will securely migrate all the user balances to the new system before restarting.
- Later, the deposits, withdrawals, and fiat conversions will reopen slowly after October 24, 2025.
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