WazirX Bets on Zero-fee Crypto Trading to Drive Relaunch After Long Hiatus
India-based crypto trading platform WazirX will restart its exchange on Friday, following a long hiatus caused by a $234 million hacking incident.
WazirX CEO Nischal Shetty announced in a Thursday statement that the company will relaunch trading on Friday, offering zero trading fees for at least 30 days as part of a phased reboot. The relaunch follows more than a year of halted trading activity after the platform was frozen in the aftermath of a major security breach in July 2024.
"We will try our best to extend even further! We want to be with our tribe and support you in whatever way we can," Shetty wrote on X, adding that they will do what it takes to help users become successful. The temporary zero-fee offer aims to allow users to re-engage with the platform without friction as liquidity returns.
During the phased rollout, users will be able to place orders starting at 10:00 am India Standard Time (IST), with order matching starting at 5:00 pm IST. Markets will initially reopen with USDt (USDT) trading pairs, while its Indian rupee-based trading will start with only a USDT/rupee pair before expanding to other tokens.
The WazirX restart follows over a year of inactivity, which was triggered by the $234 million hack in July 2024. On July 18, attackers drained assets from a Safe Multisig wallet linked to the exchange, forcing it to suspend withdrawals.
The incident led to months of forensic investigation, asset tracing, and negotiations with creditors. The exchange's Singapore-based parent company, Zettai, later entered court-supervised restructuring proceedings. The process involved months of procedures, which involved actions from creditors, WazirX, and the Singapore High Court.
The restructuring plan approval on October 13 allowed the exchange to proceed. However, during this time, token projects underwent changes. As a result, the exchange announced that it had delisted some tokens and swapped or merged others based on developments within the projects.
The exchange added that it periodically reviews listed tokens to ensure they meet their transparency, technical stability, and integrity standards. When tokens no longer meet the requirements, they are delisted or swapped where required.
This review process has been ongoing since the hack incident. The exchange's aim is to provide a safer and more secure trading environment for its users.
WazirX encourages all users to visit their website to learn more about the phased relaunch and how to prepare for it. With its temporary zero-fee offer, the exchange is looking forward to welcoming back its users and providing a better trading experience.