The Singapore High Court has officially approved the restructuring of Singapore-based cryptocurrency exchange WazirX, allowing it to resume operations on October 24, 2025, after being offline for approximately a year due to a $230 million hack that occurred in July 2024. This hack, which targeted around 50% of the exchange's total reserves, led to an immediate suspension of withdrawals and trading activities, crippling the platform.
Investigations by CERT-IN and the Financial Intelligence Unit (FIU) revealed that hackers stole between $230 million and $235 million in crypto assets from WazirX's hot wallet on July 18, 2024. The exchange, once India's largest crypto platform with a monthly trading volume exceeding $1 billion, has since navigated a restructuring process to avoid bankruptcy and facilitate user reimbursements. According to financial disclosures, WazirX holds 566.4 million USDT in liquid assets, sufficient to cover verified user claims of 546.5 million USDT.
The relaunch will follow a phased approach, beginning with crypto-to-crypto trading pairs and the USDT/INR market. To attract users, zero percent trading fees will apply initially across all pairs. WazirX founder Nischal Shetty announced that the funds page is now live with rebalanced tokens, and INR and crypto deposits are open, with withdrawals and trading to follow soon. The exchange has partnered with BitGo for enhanced security, implementing multi-signature wallet systems and advanced monitoring to prevent future attacks.
Additionally, WazirX is issuing Recovery Tokens to creditors within 10 business days, representing their share of illiquid and stolen assets. This move aims to restore trust in a sector that saw increased regulatory scrutiny from the Reserve Bank of India (RBI) and FIU post-hack, with stricter KYC and custody audits imposed on exchanges.
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