We missed this earlier: Cryptocurrency exchange WazirX restarted its India operations on October 24 following clearance from the Singapore High Court (HC) earlier in the month, as per a blog post.
For context, the platform has executed a phased restart over the course of four days (October 24-27), with the company reactiviating specific pairs of tokens for users to trade every day.
Notably, the company reactivated 25% of the platform’s tokens every day for trading until the platform reaches full functionality. Withdrawals also became available from October 24.
Users can only buy and sell tokens using USDT: a stable coin pegged to the US dollar, which a user can buy using Indian Rupees. Importantly, WazirX will not charge a trading fee for the first thirty days, with a possible extension of this offer depending on user feedback.
“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,” said the platform in a blog post.
On each of the four days (October 24-27), order placement on WazirX begins at 10:00 am, with order matching taking place at 5:00 pm.
The company has stated that as tokens become available for trading, they will display real-time Last Traded Prices (LTP) while markets yet to go live will temporarily reflect prices from CoinMarketCap (CMC).
WazirX also noted that over the period that it was inactive, a number of token projects had undergone important changes. As a result, it had delisted or merged numerous tokens in keeping with its listing standards.
Some Context On WazirX:
WazirX was once India’s largest cryptocurrency exchange before a massive cyberattack in July last year. The hackers stole more than $230 million in cryptocurrency, or around 45% of the exchange’s total reserves. The company froze all trading and withdrawals almost immediately after the hack.
The attack allegedly came from a North Korean state-sponsored hacker outfit called the Lazarus Group, which may also be responsible for numerous other attacks across the world.
The cyber-heist made it difficult for WazirX to return the money that belonged to their users. Initially, the exchange had attempted to “socialise” their losses. This meant that WazirX would lock 45% of every user’s cryptocurrency wallet and allow them to trade or withdraw only the remaining 55%. The locked amount would be returned, the company had said, after the stolen funds were recovered.
However, this strategy received tremendous criticism from users, with some even threatening legal action. Eventually, the exchange had to walk back on this method.
WazirX’s Case In Singapore HC:
WazirX’s parent company Zettai is registered in Singapore and had approached its HC in August last year for a moratorium on legal proceedings. The exchange had subsequently presented a ‘Scheme of Arrangement’ before the court, which was…
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