WazirX, once India's largest cryptocurrency exchange by trading volume, will resume operations on October 24, according to an email sent to creditors.
This ends more than a year of uncertainty that left thousands of creditors in limbo after one of the most dramatic collapses in the country's crypto history, in which more than $230 million worth of various tokens were stolen from exchanges.
The restart follows the reorganization under Zettai Pte. Ltd. approved by the Singapore High Court. Ltd., WazirX's parent company, received near-unanimous support from creditors earlier this year.
This was the final step in a process that began last year after a massive security breach froze assets, closed withdrawals and effectively took India's oldest crypto platform offline.
For many, the road to recovery has been slow. Creditors spent months seeking clarity as the exchange went through bankruptcy proceedings, a forensic audit and a transition plan. Wednesday's announcement provides the first concrete timeline for repayments, with token distribution and recovery tokens expected to begin concurrently with the reboot.
WazirX said that trading will initially resume on a small number of markets, such as crypto-to-crypto pairs and USDT/INR, and that all users will enjoy zero trading fees at launch as part of the “Resumption Offer.”
The exchange's return will test whether India's crypto retail community, hit hard by tax burdens and repeated platform failures, can still trust local exchanges.
Once a strong player in India's crypto boom, WazirX's fall from grace last year left a lasting scar on user trust. Even if the reboot is successful, it may not be easy to repair.
