Comprehensive Update on WazirX: Trading Resumes Amidst New Developments
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WazirX to Resume Crypto Trading: Your Complete Guide
Trading Resumption: A Step-by-Step Rollout Starting Friday
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WazirX, a prominent Indian cryptocurrency exchange, is poised to recommence trading after a significant hiatus due to a massive security breach in July 2024. This breach, which resulted in the loss of $235 million, led to the suspension of trading activities. However, in a recent announcement, WazirX has detailed its plan to gradually reintroduce trading, allowing users to regain access to their digital holdings.
The phased reactivation of trading is set to begin on October 24th and will conclude by October 27th. During this period, approximately 25% of the tokens will be reintroduced each day, culminating in a full launch by the end of the cycle. Initially, all tokens will be available for trading against USDT, with additional INR trading pairs to be added progressively. The phased approach is designed to ensure liquidity, verify technical robustness, and reestablish normal trading conditions across all market pairs.
Moreover, to encourage a smooth transition back to active trading, WazirX is offering zero trading fees for the first 30 days, with the possibility of extending this incentive depending on community feedback.
Deposits and Withdrawals: Current Status and Next Steps
Following the reopening of both INR and cryptocurrency deposits, WazirX has announced that INR withdrawals are now operational. Cryptocurrency withdrawals will commence alongside the trading restart on Friday, as confirmed by WazirX’s CEO, Nischal Shetty, in a recent social media update. Shetty also mentioned plans to continuously expand the list of tokens available for trading and withdrawal.
Legal Proceedings and Restructuring in Singapore
WazirX’s revival comes after a series of legal proceedings in Singapore’s High Court. The exchange’s parent company, Zettai Pte Ltd, a Singapore-based entity, sought court approval for a restructuring plan. With the court’s approval secured earlier this month, the exchange activated the restructuring scheme on October 15th and committed to resuming operations within 10 business days, a promise it is now fulfilling with the October 24th restart.
Industry Context: Recent Security Breaches
The WazirX hack has been linked to the notorious North Korean Lazarus Group, a cybercrime syndicate known for targeting cryptocurrency platforms. Interestingly, CoinDCX, another major Indian exchange, experienced a security breach just one year and a day after the WazirX incident. Unlike WazirX, CoinDCX’s breach involved the theft of $44 million from its internal treasury rather than user funds, but both incidents have raised concerns about security within the crypto community.
Current Bitcoin Market Overview
At the time of this update, Bitcoin is trading at approximately $109,400, reflecting a 1.7% decline over the past week. The market appears to be in a phase of consolidation.
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