Indian cryptocurrency exchange WazirX has officially confirmed it will recommence trading activities and withdrawal services after a 14-month operational suspension triggered by a $234 million security breach in 2022. The platform’s revival follows comprehensive court-approved restructuring measures and the implementation of enhanced security protocols.
The exchange will adopt a carefully structured phased approach to restore full functionality, prioritizing system stability and user asset protection. This strategic relaunch includes a significant custody partnership with BitGo, a globally recognized digital asset custody provider, to strengthen security infrastructure and safeguard user funds through institutional-grade protection mechanisms.
WazirX’s systematic recovery plan demonstrates the exchange’s commitment to regulatory compliance and user security following the substantial security incident. The platform has undergone extensive security audits and infrastructure upgrades during the suspension period, implementing advanced monitoring systems and multi-layered protection frameworks to prevent future vulnerabilities.
The gradual restoration of services marks a pivotal moment for India’s cryptocurrency ecosystem, potentially restoring confidence among the exchange’s substantial user base. Market observers anticipate the relaunch could positively impact liquidity and trading volumes within the Indian digital asset market, while setting new standards for security protocols in the regional cryptocurrency exchange landscape.
