WazirX to Resume Operations After $230M Theft and Restructuring Approval

WazirX to Resume Operations After $230M Theft and Restructuring Approval

WazirX begins its phased relaunch on October 24, offering 30 days of zero-fee trading to rebuild liquidity and user trust after over a year of inactivity.

USDT

Fact Check
The provided sources consistently and strongly support all claims within the statement. The evidence for each component is as follows:1. **A $230 Million Theft Occurred:** Multiple high-authority sources explicitly confirm this event. CoinDesk and The Block directly reference a "$230m hack" or "$230 million theft" as the catalyst for the subsequent events. WazirX's own blog posts, while not always specifying the amount, confirm a major "cyber attack incident" and "theft" occurred, leading to a pause in operations.2. **A Restructuring Plan Was Approved:** This is unequivocally confirmed. Primary source material from WazirX's blog states its operating entity is undergoing a restructuring scheme in the Singapore High Court. High-authority news outlets like CoinDesk and The Hindu directly report that the Singapore High Court has officially approved the restructuring plan.3. **Operations Will Resume as a Result:** The sources directly link the restructuring approval to the resumption of operations. CoinDesk's headline states the approval "Clears Plan for Restart." Most decisively, The Hindu reports a company statement that "operations will resume within 10 business days" of the court's approval. Furthermore, WazirX's announcement of a partnership with BitGo is presented as a measure to "rebuild user trust" and enhance security, which are clear preparatory steps for resuming services.All sources, both primary (from WazirX) and secondary (from reputable news outlets), are in complete alignment. There are no contradictions. The narrative is consistent: a theft occurred, operations were halted, a restructuring plan was pursued and approved, and this approval is the direct trigger for resuming operations.
Summary

WazirX, once India’s largest cryptocurrency exchange, will recommence operations on October 24 with a phased relaunch following a $230 million theft and a court-approved restructuring. The exchange will start with select crypto-to-crypto pairs and a USDT/INR market, offering 30 days of zero-fee trading to recover liquidity and attract users back. A Recovery Token distribution remains part of the plan for compensating affected users. Security enhancements include a partnership with BitGo for insured custody. The relaunch serves as a key test of trust and stability within India’s crypto community.

Terms & Concepts
  • Recovery Token: A digital asset distributed to affected users as part of a restructuring plan to compensate for lost funds.
  • USDT/INR Trading Pair: A cryptocurrency market pairing Tether (USDT) with the Indian Rupee (INR), allowing conversion between the stablecoin and the local currency.
  • Restructuring Plan: A formal process approved by a court to reorganize a company’s operations and finances, often used to address insolvency or recover from major losses.