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Crypto currency platform WazirX just announced that it will resume its operations after receiving approval from the High Court of Singapore. It will now allow the users to trade on its platform at 0% charges.
WazirX is owned by the Singapore-based Zettai Pte which manages and oversees the company’s operations because of which Singapore’s top court adjudicated the matter.
What is happening: the crypto trading platform fell prey to a cyber attack in July 2024, causing the company to halt operations and lose roughly $230 million including 45% of its assets.
What is changing: with the regulatory approval now received, the company is all set to resume operations in India.
To ensure safety, it is partnering with BitGo, a digital asset protection company. Besides, it will only trade select tokens like crypto-to-crypto or INR/USD.
The company has also worked a scheme where they will repay the old creditors in the form of cash/crypto and ‘‘repayment tokens’.
These are digital tokens that represent a creditor’s claim over assets.
Big picture: India once was the leading nation for crypto adoption. But the government sentiment on the asset class has kept shifting. Plus, breaches like these stifle investor confidence.
Still, with the comeback of WazirX and government initiatives like the National Blockchain Framework, Indian investors can widely trade in crypto and become a key destination for this currency.
