WazirX Reopens Deposits as It Moves Toward Full Recovery

WazirX, a crypto exchange based in India, is slowly returning to full operations after several months of downtime. The platform, which lost nearly $240 million in a hack in July 2024, has now reopened INR and crypto deposits. This is a big step forward in its recovery plan.

WazirX Begins Recovery with Updated Funds Page and Live Deposits

WazirX is slowly coming back after a major security breach that stopped its operations. The exchange has started working again with live deposits and an updated funds page. In a recent announcement shared on X, Founder Nischal Shetty confirmed that deposits are live and that the platform’s funds page has been rebalanced with updated token data. 

This step, according to him, is part of a broader strategy to stabilize the exchange before relaunching trading and withdrawal services. In the post, Shetty says the company aims to rebuild trust and stability among its users. WazirX is also working on a long-term plan to manage its debts. This shows that the company is trying to fix the financial problems caused by the hack.

BitGo Partnership with WazirX Reinforces Security

To strengthen security and rebuild user confidence, WazirX has been using BitGo to manage its crypto cold wallets for several months. The company, eyeing to go public in the U.S., is a well-known global custodian that secures over $90 billion in digital assets. In his statement, Shetty emphasized that safety will be the foundation of WazirX’s new phase.

Furthermore, WazirX leadership also announced that trading will resume on October 24, marking a key milestone in WazirX’s relaunch. To get more people to trade, WazirX says it will not charge any trading fees for at least 30 days. 

The offer may last longer depending on how users respond. The goal is to help users adjust easily as the exchange brings back its services.

WazirX Faces Backlash Over Token Rebalancing 

Even with the recent progress, WazirX is facing criticism from its community after a token rebalancing update earlier this year. Some users say their holdings now show lower values than before. One user claimed there were differences between the earlier Net Liquidation Portfolio Value (NLPA) and the final balances shown.

Many others shared similar complaints and asked the exchange to provide clear and accurate details about the changes. They also warned that being open and honest is key to rebuilding trust, especially after last year’s collapse.

Despite the issues, Nischal Shetty remains hopeful. He said the team is working to recover losses and add more value for affected users. As WazirX continues its recovery, its success will depend on how well it handles user concerns, stays transparent, and keeps the platform secure.