WazirX, a prominent Indian cryptocurrency exchange, is set to resume trading and withdrawals more than a year after suffering a significant security breach that resulted in losses of over $234 million.

The incident occurred in August 2022, when hackers stole around $50 million worth of cryptocurrencies from WazirX's hot wallet. The company had also suffered a loss of around $184 million due to the theft of private keys used for cold storage wallets.

Since then, WazirX has been working on improving its security measures and rebuilding its systems. The exchange had initially set up a new team dedicated to handling the breach's aftermath, including an independent audit by KPMG.

The company had also announced plans to implement enhanced security protocols, including 2-factor authentication and increased monitoring of user activity.

Despite these efforts, WazirX faced significant criticism from users and regulatory bodies alike. The exchange was forced to shut down its trading platform for an extended period as it worked to rectify the situation.

In a statement, the company said: "We acknowledge that our security protocols were inadequate during the 2022 incident, resulting in unauthorized access to user wallets and loss of assets. We have taken steps to strengthen our security measures and prevent such incidents from happening again."

WazirX has not yet provided a clear timeline for when it expects trading and withdrawals to resume. However, the company has assured users that it is committed to rebuilding its systems and providing a secure environment for users.

The incident serves as a stark reminder of the importance of robust security measures in the cryptocurrency space. As the industry continues to grow, it's essential that exchanges like WazirX prioritize user safety and transparency.

WazirX has been working closely with regulatory bodies and law enforcement agencies to ensure compliance with all applicable laws and regulations. The company is committed to providing a secure and trusted environment for users and is dedicated to rebuilding trust with its community.

The road ahead will be challenging, but WazirX is determined to emerge from this incident stronger and more resilient than ever. As the exchange rebuilds its systems, it's crucial that users remain vigilant and take steps to protect their own assets.