WazirX to Restart Trading on Friday After $230M Hack Caused Year-Long Shutdown

The Indian cryptocurrency exchange WazirX is set to resume trading operations this Friday, more than a year after a massive security breach forced it to shut down. The platform's revival comes after a prolonged period of inactivity, with assets frozen and withdrawals suspended due to the cyber attack.

The incident occurred in August 2021, when hackers stole approximately $230 million worth of cryptocurrencies from WazirX's users. The breach not only drained the wallets but also caused widespread concern among investors and users, leading to a year-long shutdown of the platform.

The prolonged downtime was necessitated by WazirX's desire to rectify the security vulnerabilities that led to the breach. In an effort to prevent similar incidents in the future, the exchange is implementing a series of security upgrades, including enhanced encryption measures and improved user verification procedures.

WazirX's CEO, Nitin Sampath, has assured users that the platform will be thoroughly audited and inspected before its relaunch. The exchange also plans to implement a new system for identifying and addressing potential security threats, thereby ensuring that users' assets are safeguarded against similar breaches in the future.

"We understand the gravity of the situation and have been working diligently to address the vulnerabilities that led to the breach," Sampath stated in an official statement. "We want to assure our users that we will do everything possible to prevent such incidents from recurring."

The relaunch of WazirX marks a significant milestone for the Indian cryptocurrency market, which has been growing steadily over the past few years. With its relaunch, WazirX aims to regain user trust and reestablish itself as a major player in the region's burgeoning crypto ecosystem.