‘Our goal is to rebuild and emerge stronger over 18-24 months’

Crypto exchange WazirX restarted operations in October after the exchange faced one of the biggest setbacks from a cyberattack by North Korean hackers in 2024. The firm has completed its restructuring process. Creditors have received 85% funds as of the day of the attack

- @ NISCHAL SHETTY, FOUNDER & CEO, WAZIRX

Nischal Shetty, founder and CEO, WazirX, tells S Shanthi. Trading activities have also resumed on the platform, with the exchange introducing zero fees for all trades. WazirX has also partnered with BitGo, a global leader in digital asset custody, to safeguard platform assets through institutional-grade, insured custody solutions. Excerpts:

You lost $235 million in a hack last year and have restarted operations recently.Tell us about the restructuring process.

We shifted our operations to Zanmai so that users can be assured that operations will be centred in India and managed by our India entity to remove any uncertainty. On the day of the restart, users got back 85% funds as of the day of the attack. Rupee deposits and withdrawals were already live. Crypto-to-crypto trading pairs were taken live in phases. Recovery tokens will be issued to creditors for managing future recoveries. WazirX will purchase these recovery tokens based on profits and recovery efforts every quarter. We will continue to build from India, for India, while maintaining global standards of security and reliability.

WazirX was one of the leading exchanges in India before the hack. How are you planning to rebuild the platform and regain users’ trust?