What happened?
WazirX is relaunching on October 24 after the Singapore High Court approved its debt restructuring following last year’s $230 million hack and more than a year of recovery work. The restart is phased, beginning with select crypto-to-crypto pairs and the USDT/INR pair, while the funds page is live and INR and crypto deposits are open. The exchange is offering 0% trading fees for the relaunch, plans to issue Recovery Tokens to creditors within about 10 business days, and has partnered with BitGo for custody.
Who does this affect?
This directly affects WazirX users in India, including traders who have been waiting for restored access and scheme creditors who will receive Recovery Tokens representing their claims. It also matters to victims of the hack and anyone with rebalanced tokens on the platform, since withdrawals and trading are still being phased in. Competitors, custodians like BitGo, and regulators are also impacted as liquidity, market share, and trust in the Indian crypto space could shift.
Why does this matter?
The relaunch and zero-fee trading could quickly bring liquidity and volume back to WazirX, potentially diverting traders from other exchanges and affecting short-term market flows. Issuing Recovery Tokens to creditors will change token supply dynamics and could create selling or trading pressure as claims are realized, influencing prices for affected assets. The court-backed restructuring and BitGo custody partnership may restore some investor confidence, but they’ll also invite regulatory scrutiny and competitive responses that could shape India’s broader crypto market.