How Is WazirX Planning Its Recovery After The Cyber Attack?
Indian cryptocurrency exchange WazirX is betting on artificial intelligence, futures trading, and enhanced customer experience to fuel its comeback after a devastating $235 million cyber attack that shook the platform last year.
The exchange, founded by Nischal Shetty, has resumed operations following approval of its restructuring plan by the Singapore High Court and is now focused on rebuilding user trust, restoring market share, and generating profits to compensate creditors.
WazirX currently holds an estimated 8-10% share of India’s crypto trading market, significantly lower than the more than 50% market share it once commanded. However, the company believes product innovation and customer-centric offerings can help it regain leadership in the highly competitive crypto ecosystem.
What Is WazirX AI?
A key pillar of the company’s comeback strategy is the launch of “WazirX AI,” an artificial intelligence powered assistant designed to simplify crypto investing and trading.
According to Shetty, the AI assistant will allow users to interact with the platform using natural language commands instead of navigating complex trading interfaces. Rather than manually configuring orders, setting stop losses, or studying charts, users will be able to instruct the AI assistant to execute trades and manage investment strategies.
For example, a user could simply ask the assistant to purchase Bitcoin if its price falls by 5%, and the system would automatically execute the trade based on the specified conditions.
The AI tool is also expected to assist users with market research, sentiment analysis, portfolio management, and risk assessment. It can evaluate claims circulating on social media platforms and help investors verify information before making trading decisions.
Shetty believes AI will transform how retail investors interact with financial markets by making investing more accessible and intuitive.
New Products To Boost Trading Activity
In addition to AI-driven tools, WazirX has launched several new offerings aimed at increasing user engagement and trading volumes.
The company recently introduced WazirX ZERO, a subscription-based model that allows users to trade over 300 cryptocurrencies for a fixed monthly fee of ₹99. The model eliminates traditional per-trade charges, potentially reducing costs for active traders.
WazirX has also entered the derivatives segment by launching futures trading. The platform currently charges maker fees of 0.02% and taker fees of 0.04%, positioning itself competitively in the rapidly growing crypto derivatives market.
The exchange is also working on staking products that will allow users to earn yields on their crypto holdings, creating additional opportunities for customer engagement and revenue generation.
Focus On Profitability And Creditor Repayments
Despite the focus on product innovation, Shetty said the company’s primary objective remains generating profits to compensate users affected by the cyber attack.
Following the court-approved restructuring, WazirX distributed 85% of users’ balances within ten days of restarting operations. The remaining claims are scheduled to be repaid over a three-year period.
“The number one priority for us is generating profits so we can distribute it to our creditors,” Shetty said, emphasizing that financial recovery remains central to the company’s strategy.
Can WazirX Regain Market Leadership?
The crypto exchange faces intense competition from established domestic and global players. However, Shetty remains optimistic about the company’s ability to stage a comeback.
He pointed out that when WazirX entered the market in 2018, it was not among the leading exchanges. Yet within four years, it became India’s largest crypto trading platform.
The founder also highlighted that few crypto exchanges globally have successfully resumed operations after suffering hacks of similar magnitude. Most platforms facing comparable incidents either shut down permanently or failed to recover user confidence.
For WazirX, the recovery journey now depends on rebuilding trust, driving adoption of new products, and proving that innovation can help overcome one of the largest crises in its history. As AI reshapes financial services and crypto markets continue to evolve, the company is betting that technology will play a central role in its next phase of growth.
