$240 Million Hacked Crypto Exchange WazirX Reopens Deposits But Faces Community Backlash
Highlights
- WazirX trading expected to restart on October 24 and zero trading fees for at least 30 days.
- Founder Nischal Shetty said that the platform works toward restoring user confidence and enabling withdrawals soon.
- Users accused WazirX noting that following the rebalancing, the final credited balances were lower than expected.
Indian crypto exchange WazirX has taken key steps toward resuming full operations, with INR and crypto deposits now live. Company founder Nischal Shetty said that the funds page rebalanced with updated token data. However, he’s been facing a community backlash, with their wallet showing much less value in holdings following the rebalancing.
WazirX Reopens INR and Crypto Deposits, Plans for Withdrawals Soon
In a move to resume full operations, defunct Indian crypto exchange WazirX, which crashed after a $240 million hack in May 2023, is once again live with INR and crypto deposits. The development comes amid the long-running debt restructuring plan of the crypto exchange. In a message on the X platform, company founder Nischal Shetty confirmed that the team is now focused on enabling withdrawals and trading, which are expected to go live soon as part of the exchange’s broader restart plan.
He also highlighted that WazirX has been using BitGo for several months to manage its crypto cold wallets. BitGo, a leading global custodian, reportedly secures over $90 billion in digital assets. “Our focus remains on a secure and transparent restart,” Shetty stated, signaling confidence in WazirX’s comeback after months of operational disruptions.
Shetty also stated that the company is working on loss recovery. “Now we have next step, to create more value for everyone who has been impacted. Together, we can make it happen,” he wrote. Nischal Shetty announced that the exchange will resume trading on October 24, marking a major step in its platform restart.
Shetty added that trading will attract zero fees at least 30 days, with plans to potentially extend the offer further. He emphasized that the initiative aims to support the WazirX community as operations gradually return to normal. Apart from this exchange, other top crypto exchanges from India like CoinDCX, also faced a $44 million loss earlier this year.
Community Lashes Out Over Losing Funds
Users have accused WazirX of misleading them during its recent token rebalancing process. One user, MASTER Crypto, alleged discrepancies between the Net Liquidation Portfolio Value (NLPA) shown earlier and the final amounts credited.
Several community members voiced frustration on X, claiming the final credited balances were “significantly lower” than what was displayed during rebalancing. Users called on the exchange to disclose accurate figures and provide clear explanations, saying trust in the platform is at stake.
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