WazirX to restart operations on October 24 after a year-long halt post cyberattack
The reopening comes after the Singapore High Court sanctioned the creditor-approved restructuring scheme of Zettai Pte Ltd, the company overseeing WazirX’s revival.
Indian crypto exchange WazirX will restart its operations on October 24, following a cyberattack that resulted in the loss of $230 million worth of assets in July last year.
The company completed its restructuring process after the Singapore High Court sanctioned the creditor-approved restructuring scheme proposed by Zettai Pte Ltd, the company overseeing WazirX’s revival. This comes after 95.7% of voting creditors, representing 94.6% of the total creditor value, voted in favour of the scheme.
As part of the restarting offer, the company is offering its users 0% trading fees across all trading pairs.
Additionally, the relaunch will occur in a phased manner. It will initially focus on certain crypto-to-crypto pairs and then USDT/INR payments, followed by the gradual expansion of additional markets over the next few days.
The exchange has partnered with BitGo to safeguard platform assets through an institutional-grade insured custody solutions.
"At the heart of everything we do is our mission to make crypto accessible to every Indian. I want to thank the WazirX community for their patience through these difficult times,” said Nischal Shetty, Founder of WazirX.
Earlier this week, WazirX completed token swaps, merger, delisting, migration of tokensand any rebranding that the tokens may have undergone. The platform is also working towards the issuance of recovery tokens to creditors.
Recovery tokens are digital tokens that represent each creditor’s claim on the assets that WazirX is trying to recover.
The scheme uses a hybrid approach where a portion of compensation is distributed directly (cash/crypto), and the remainder via recovery tokens, which entitle holders to future profit distributions and buybacks.
Edited by Affirunisa Kankudti