WazirX Crypto Exchange Reopens: Security Measures and Restructuring
Date: 2025-03-19 Author: Henry Casey Categories: BUSINESS
After one of the multi-signature wallets was hacked, the company's co-founder Nischal Shetty said that all necessary steps have been taken to prevent such incidents in the future.
In order to strengthen the protection of users' assets, the exchange has appointed Zodia Custody as a custodian. This platform, which works with major players such as Standard Chartered, Northern Trust, SBI Holdings, NAB and Emirates NBD, will help WazirX ensure the security of funds in accordance with the requirements of the Indian authorities. Zodia Custody representatives are confident that their experience working with legal clients will help in effective asset protection.
To enhance the level of protection of its funds, WazirX has also entered into an agreement with Singapore-based Zettai Pte, which is its parent company. As part of the restructuring, BitGo Trust was brought in, which should further strengthen the exchange's security.
The company confirmed that it is ready to resume its operations in the second half of March 2025. After the exchange suffered losses of $235 million as a result of the hack, WazirX offered customers affected by the incident several options for compensation for lost funds.
Thus, despite the problems, the company is taking all possible measures to restore user trust and ensure the safety of their assets in the future.
