WazirX Launches Zero-Fee Trading to Mark Strong Comeback

WazirX Announces Relaunch with Zero Fees

WazirX, the Indian cryptocurrency trading platform, is set to resume operations this Friday after a significant hiatus marked by a $234 million hacking incident. The platform aims to restore user trust and liquidity by offering 30 days of zero-fee trading. The CEO of WazirX, Nischal Shetty, made this announcement on Thursday, expressing the company’s intent to support its users fully.

“We will try our best to extend even further! We want to be with our tribe and support you in whatever way we can,” said Shetty on social media.

The exchange had suspended trading for over a year following a security breach in July 2024 that forced a halt to operations. During the phased relaunch, WazirX will enable trading for various tokens gradually, beginning with USDT trading pairs.

The zero-fee initiative aims to incentivize users to return to the platform as liquidity improves. In addition, there have been updates to token listings, with some tokens being delisted or modified in response to market conditions.

Background on the Hack

In mid-2024, attackers compromised a multisig wallet linked to WazirX, necessitating an extended forensic investigation and restructuring processes. This heavily impacted the platform’s operations, leading to the newer security measures currently being implemented.

Conclusion

WazirX’s return to the market comes after overcoming substantial challenges, with its strategic efforts directed towards rebuilding its user base and restoring its operational integrity.