WazirX To Reactivate Trading Tomorrow After 16 Months Down Following $230M Hack
India-based crypto exchange WazirX will resume trading operations tomorrow, bringing an end to 16 months of closure following a crypto heist that drained $230 million from the platform.
The exchange’s co-founder Nischal Shetty confirmed the re-launch on X.
“Your support helped us achieve the impossible task of restarting,” he said. “Now we have next step, to create more value for everyone who has been impacted.”
Once the biggest exchange in India, WazirX was forced to suspend all trading operations in July 2024 after North Korea’s notorious Lazarus Group hacked the platform. The group had reportedly targeted a vulnerability in the exchange’s multisig wallet system.
The relaunch follows the approval the exchange received last week from the Singapore High Court for its revised restructuring plan, which also got the approval of 95.7% of participating creditors.
Token Trading Will Be Enabled Over Four Days With Zero Fees
According to a blog post from the exchange, the re-launch will be carried out in four stages. During this phase, 25% of all tokens will be enabled for trading.
WazirX said that this will be done so that the platform can test each phase carefully and to ensure a smooth trading experience for every user.
The phased rollout will also help restore liquidity on the platform safely, as well as confirm technical stability, the exchange said.
To welcome users back to the platform, WazirX said that trading will restart with zero trading fees across all of the markets on the platform.
That fee structure will run for 30 days,“during which the platform will evaluate how users respond to the offer,” WazirX said in its blog post. It added that there is a possibility the offer will be extended further.
USDT Pairs Will Be Enabled For All Tokens, INR Pairs Will Be Activated In Phases
USDT trading pairs will be enabled for all tokens between Oct. 24 and Oct. 27. For INR pairs, only USDT trading will initially be activated. The exchange said that other INR trading pairs will “be enabled gradually after the platform reaches full functionality.”
Order placements across all of the live markets will begin at 10:00 a.m. IST, while order matching will start at 5:00 p.m. IST, according to the blog post.
Shetty said in an X post earlier today that the exchange’s “Funds” page is now live with rebalanced tokens. INR deposits and crypto deposits have also been opened.
WazirX also pointed out that several projects underwent important changes during the period that trading operations were suspended.
As such, some projects were delisted from the platform, while other tokens have been swapped or merged based on “project-led developments,” the exchange added.
Tokens that have been delisted (Source: WazirX)
The platform warned users that there will likely be some price fluctuations as the markets reopen.
Traders have therefore been advised to monitor liquidity levels before placing trades and to be aware of any minor slippage or wider spreads that may occur during the initial phase.
Related Articles:
About Author
About Author
