WazirX Reopens Trading Over a Year After Hack, Crypto Exchange to Restart in Phased Manner

WazirX began the process of reopening its trading operations on Friday, more than a year after it was forced to suspend services in the aftermath of a major security breach. In an effort to regain trust, the platform has relaunched trading with no fees in all markets for the first 30 days, calling it a “phased, transparent restart.” The move, seen as a crucial step towards rebuilding liquidity and user trust, is also being closely watched as a key test for India’s recovering crypto sector. WazirX users who want to withdraw their funds will need to wait, as they are currently suspended on the platform.

Phased Rollout Aims to Restore Liquidity and Investor Confidence

The relaunch follows a Singapore court’s approval of WazirX’s restructuring plan earlier this month, which cleared the way for the company to gradually restore user access and liquidity. The exchange estimates that investors will be able to access an estimated Rs. 4,000 crore in funds that were frozen following the breach. Trading will begin with around 25 percent of all tokens enabled each day, starting with the USDT/INR pair, while other INR markets are slated go live in the future. Order placement started at 10am IST, and matching commenced around an hour ago, at 5pm IST. 

WazirX said the phased activation will help “restore liquidity safely, confirm technical stability, and ensure a reliable return to normal trading”. While INR withdrawals are already operational, cryptocurrency withdrawals are also being gradually reopened. 

However, some users have reported being unable to make withdrawals at the time of writing. The company had earlier outlined a 10-day business timeline, ending on October 30, for complete withdrawal access to resume. This means that users might need to wait for a few more days before withdrawals are available, if the crypto firm sticks to its timeline.

Due to project-led developments that occurred during the outage, several tokens have been delisted, swapped, or merged as part of the relaunch. WazirX said each listed token has been reviewed for compliance with its listing standards, citing transparency, technical stability, and project integrity as key criteria. A complete list of delisted and swapped tokens has been published on the website. 

The restart has been acknowledged by industry leaders as a significant turning point for India’s cryptocurrency ecosystem. Mudrex CEO Edul Patel called it “a defining moment for India’s crypto industry,” ading that “this comeback shows how strong exchanges prioritise user protection even after one of the largest breaches. While the 15 percent shortfall remains a concern, the structured recovery and transparent communication show a strong intent to rebuild trust, not only on the platform but also in the industry.”

CoinSwitch Co-Founder Ashish Singhal said the aim should be to restore faith amongst users. “The industry’s collective focus should now be on rebuilding lost trust, most importantly by ensuring that user funds are fully recovered and protected going forward,” he said, adding that investors should prioritise platforms with strong compliance and transparency standards.

The WazirX relaunch marks an important comeback for what was once India’s largest crypto exchange by volume, signalling renewed efforts within the domestic crypto community to balance regulation, trust, and growth. 
 

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