WazirX Phase 2 Rollout Faces User Backlash as Trading Expands to 143 Pairs

Just one day after officially restarting operations on October 24, WazirX launched the phase 2 of its trading rollout, listing 72 new trading pairs in the USDT market, bringing the total to 143 pairs. The exchange also added four INR pairs: BTC, ETH, TRX, and BNB, with trading scheduled to begin at 5 PM today (October 25).

Founder and CEO Nischal Shetty confirmed the update on X (formerly Twitter), calling it “the next step” in the exchange’s phased comeback. He noted that users can already place orders and that WazirX plans to restore full trading capacity by October 27, completing the 4-day rollout that began yesterday.

However, while the technical side of WazirX’s revival appears to be progressing, the community’s sentiment remains volatile, with many users accusing the exchange of mismanagement, partial repayments, and lack of transparency since the 2024 hack.

From Rebuilding to Reproach

After a devastating $230 million hack in 2024, WazirX underwent a Singapore High Court approved restructuring under its parent company, Zettai Pte. Ltd. Its relaunch on October 24 featured free trading (0% fees) and a new custodial partnership with BitGo, an institutional-grade security provider managing over $90 billion in assets.

WazirX positioned the relaunch as a “restart rooted in trust,” promoting transparency and recovery incentives. But recent user reactions show the messaging hasn’t landed well.

Frustration Across the Community

Following Shetty’s announcement of new trading pairs, several users lashed out on X, voicing outrage over frozen balances, loss of funds, and what they described as “cosmetic rebranding.”

One user wrote,

“After completing the bull run, they agreed to release only 50% of our funds. They used our holdings for gains. God shouldn’t forgive this.”

Another accused Shetty directly:

“You let deposits happen even after the 2022 ED notice. I deposited my INR in 2023 without warnings, and now only 34% is accessible. Why?”

A third added, 

“More than half our holdings are missing. If you can’t recover them, at least allow full withdrawals so we can secure our assets ourselves.”

These reactions reflect the intense distrust and anger swelling within India’s crypto community, many of whom claim to have waited well over a year to recover their funds after the hack froze withdrawals.

Phase 2 Details: 143 USDT Market Pairs Live

According to WazirX’s official blog post and Shetty’s tweet, Phase 2 expands trading with 72 USDT pairs, adding tokens like LINK, DOGE, BONK, POL, JASMY, CRV, and AVAX. Combined with Friday’s rollout, this brings the total number of active USDT pairs to 143, in addition to the newly activated INR markets for BTC, ETH, TRX, and BNB.

The rollout is part of a four-day plan extending through October 27, intended to gradually restore liquidity, monitor stability, and test live market functions before introducing withdrawals. Order placement for today’s markets began at 10 AM IST, with active trading starting at 5 PM IST.

While the expansion showcases WazirX’s technical recovery, critics argue it sidesteps the larger issue of fund release, the primary demand of long-time users.

Community Divided: Optimism vs. Outrage

Amid the backlash, a small section of users expressed cautious optimism, praising the return of liquidity and market depth. Active traders participating in the zero-trading-fee offer view it as an opportunity to test platform responsiveness and order speed post-relaunch.

However, for those hit hardest by the platform freeze, these positive developments mean little. Many continue to share screenshots showing discrepancies between “rebalanced” and “actual” holdings, alleging that WazirX used the bull market to profit from user funds before offering partial restitution.

The Trust Issue WazirX Can’t Ignore

Even as trading normalizes, trust, not technology, remains WazirX’s toughest challenge. The rollout has revealed a sharp divide between returning traders seeking opportunities and the core community still demanding accountability.

Analysts say the exchange must issue clear, verifiable updates about withdrawal status, compensation schedules, and rebalanced fund mechanisms if it hopes to rebuild credibility.

Security partnerships and new listings may win headlines, but meaningful recovery for users only comes through transparency and timely restitution.

Until then, the WazirX restart, though technically smooth, will remain overshadowed by lingering questions of trust, ethics, and fairness.

Also Read: Explore Decentralized vs. Centralized Exchanges: The Future of Secure Crypto Trading to understand why frustrated users are moving toward decentralized alternatives.

Get the news in a Jist. Follow Cryptojist on X and Telegram for real time updates!