ETtech Explainer: WazirX’s return to India after $230 million cyberheist

Cryptocurrency exchange WazirX resumed operations in India on Friday after a 15-month hiatus following one of the largest cyberheists in the country.

The exchange has completed a restructuring process approved by the Singapore High Court and backed by its creditors.

WazirX was founded in 2018 by Nischal Shetty, Siddharth Menon, and Sameer Mhatre. It quickly took the lead in the Indian crypto market, growing to over 16 million users.

Here’s a look at what caused it to shut down operations for more than a year and the measures it has taken to revive…