After Year-Long Suspension, WazirX Resumes Operations With 0% Trading Fee
The 2017-founded startup put INR and crypto withdrawal on a temporary pause after it experienced a security breach in one of its wallets, causing the loss of user funds on July 18, 2024.
Topics
News
- Google Bridges Cloud Power and Privacy with Private AI Compute
- California’s Genspark Enters AI Unicorn Club with $200 Million Round
- OpenAI Taps Intel’s Sachin Katti to Build Compute Backbone for AGI
- Flipkart Brings Voice-Led Wholesale Ordering to WhatsApp with Sarvam AI
- Varun Berry Steps Down at Britannia, Rakshit Hargave to Take Over
- OpenAI Issues Warning on AI’s Acceleration From Inside the Fast Lane
[Image creative: Chetan Jha/MITSMR India]
Troubled Indian cryptocurrency startup WazirX announced on Thursday that it would enable token trading from October 24, with full activation expected by October 27.
“In the coming days, our focus will be on enabling trading for all tokens safely, testing each phase carefully, and ensuring every user has a smooth trading experience…This phased rollout will help restore liquidity safely, confirm technical stability, and ensure a gradual and reliable return to normal trading across all market pairs,” the official blog read.
The 2017-founded startup put INR and crypto withdrawals on a temporary pause after it experienced a security breach in one of its wallets, resulting in the loss of user funds on July 18, 2024.
The cyberattack is believed to have caused $230 million in losses, impacting 4.3 million creditors, including both investors and users.
In June, the Singapore Court had initially rejected the company’s proposed restructuring plan due to concerns over regulatory compliance and transparency issues. However, on October 13, the court approved a revised plan enabling the crypto exchange to resume operations.
A Fresh Start?
After 16 months of suspension, WazirX notified that trading will restart with zero trading fee across all markets for 30 days. “This means you can trade any available token without any trading fee.”
Trading will be enabled in phases over four days, with around 25% of all tokens being enabled for trading each day until October 27, when the platform reaches full functionality.
Only the USDT/INR pair will be live initially in the domestic market, with other INR trading pairs to be enabled gradually upon reaching full functionality. The company stated that the relaunch reflects a renewed focus on trust, transparency, and innovation, key steps in its plan to regain leadership in India’s digital asset market.
CoinGecko data indicates that WazirX’s market share has fallen from 65.3% at the start of 2022 to 11.1% in 2023.
Earlier this week, competitor CoinDCX, which lost $44 Million in a July cyberattack, bagged a strategic undisclosed investment from Coinbase, valuing it at a post-money valuation of $2.45 billion.
