Wazirx is gearing up for a high-stakes relaunch after a major security breach, partnering with Zodia Custody to reinforce asset security and rebuild user trust.
Wazirx Is Gearing Up for High-Stakes Relaunch—Will New Security Hold Up?
Indian crypto exchange Wazirx is preparing to restart operations after a major security breach that compromised its platform and led to substantial financial losses. Following the hack, the exchange implemented stricter compliance measures and overhauled its security infrastructure to prevent future incidents. On March 17, Wazirx announced that it had appointed Zodia Custody as its official custodian, a firm backed by financial institutions such as Standard Chartered, Northern Trust, SBI Holdings, National Australia Bank (NAB), and Emirates NBD. This partnership is intended to enhance asset security and regulatory compliance as Wazirx moves toward its relaunch.
Zane Suren, Managing Director, Commercial, MEA at Zodia Custody, highlighted the importance of the partnership, stating:
Zodia Custody is proud to partner with Wazirx for their much-anticipated relaunch. Providing our knowledge of supporting institutional clients and commitment to a compliance-first approach, we will empower Wazirx and its users to seamlessly engage with digital assets in a way that protects their capital and complies with local regulation.
Wazirx co-founder Nischal Shetty also emphasized the role of trusted partners in ensuring the exchange’s secure comeback: “As Wazirx gears up to revive its momentum, the need for trusted partners who share our commitment to an agile and secure asset management system, combined with dependable insurance coverage, becomes urgent.” He added:
We want to ensure we partner with the very best of the industry’s custody providing solutions to build trust and confidence.
In response to the hack, Wazirx has reinforced its security measures and risk management framework to restore user trust. Zodia Custody, which holds SOC 1 Type I and SOC 1 Type II accreditations, will ensure that client assets remain segregated and protected from potential threats. With these strengthened safeguards in place, Wazirx is positioning itself as a more secure and transparent exchange as it prepares for its much-anticipated relaunch.
Last week, Wazirx announced that its Singapore-based entity, Zettai Pte Ltd., partnered with Bitgo to enhance fund security and rebuild user trust. Zettai, currently undergoing restructuring in the Singapore High Court, selected Bitgo Trust as its regulated custodian due to its track record of securing digital assets since 2013.
