WazirX to maintain standardized INR withdrawals, fees reduced by 60%
WazirX will resume phased withdrawal of INR from August 26, 2024. Users can withdraw up to 66% of INR balances, with charges reduced by 60%. Cryptomining will remain blocked while WazirX implements Singapore's plan.
Indian cryptocurrency exchange Wazir has announced a phased resumption of Indian Rupee (INR) withdrawals from August 26, 2024 following a massive cyber attack in July.
More than $230 million was stolen from the hack, causing the currency to freeze all revenue and transactions to mitigate the impact and assess the situation.
Crypto mining remains blocked
In a recent update, WazirX stated that while cryptocurrency withdrawals will remain suspended, INR withdrawals will begin in phases.
Users can withdraw up to 66% of their INR balance, the process unfolds in two steps.
Between August 26 and September 8, users can withdraw up to 50% of their INR balance. From September 9th to September 22nd you can get the full 66% limit.
The exchange has announced a 60% reduction in withdrawal fees from INR 25 to INR 10 to ease the financial burden on the user during this challenging time.
WazirX following Singapore's preparation plan
The decision to stop cryptocurrency mining was made due to the massive loss of ERC-20 tokens in a cyber attack, leaving WazirX with insufficient assets to meet user liabilities. To address this, the exchange said it would follow Singapore's plan of reorganization through a legal restructuring process to ensure a fair distribution of remaining assets.
In the year In an announcement issued on August 23, WazirX said:
“We will soon file an application in the High Court of Singapore to ensure that the platform has the time and breathing space it needs to pursue restructuring in accordance with the plan of arrangement.”
The proposal is subject to approval by WazirX's creditors and the Singapore High Court to facilitate a fair resolution for all stakeholders.
While INR withdrawals will resume soon, users with cryptocurrency holdings should expect further developments as WazirX is working towards a universal solution. The phased INR withdrawal scheme is a crucial step in the exchange's recovery process, providing some relief to affected users.
