After being down for more than a year, India’s biggest cryptocurrency exchange, WazirX, is poised to restart trading on Friday, which is an important victory after a disastrous $230 million breach that devastated the Indian crypto sector.
According to CoinDesk, WazirX has verified that trading would return gradually as the platform completes final security tests and audits. The relaunch comes after months of reorganization and tougher security procedures geared toward regaining user confidence.
The exchange, which once handled millions of dollars in daily trading activity, was forced to cease operations in 2024 due to a large exploit that depleted its funds. The attack became one of Asia’s greatest cryptocurrency breaches, causing considerable alarm about exchange security and government control in India.
In a public statement, WazirX said that its staff has been “working relentlessly to strengthen infrastructure, enhance user protection, and introduce new compliance frameworks” to avoid future breaches.
“This marks a symbolic return for India’s crypto ecosystem,” one expert told CoinDesk. “If WazirX can successfully regain user trust, it could reignite local interest in crypto trading.”
WazirX also announced plans to establish a new proof-of-reserves mechanism, which would let users verify that their assets are fully backed on-chain – a move inspired by worldwide exchanges after the FTX crash.
While user enthusiasm is increasing on social media, researchers caution that rebuilding trust may take time. Before traders completely return, the exchange must show that it operates transparently and consistently.
As India’s crypto community observes, WazirX’s relaunch serves as both a test and a chance to demonstrate that even after one of the biggest attacks in the country’s history, a robust recovery is still feasible.
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