As a seasoned crypto investor with a fair share of ups and downs in this wild ride called cryptocurrency, I must admit that I’ve grown accustomed to the occasional turbulence that comes with the territory. The recent announcement by India-based WazirX about resuming INR withdrawals has certainly piqued my interest.
The Indian cryptocurrency exchange WazirX has declared that it will restart Indian Rupee (INR) withdrawals from August 26, 2024. This decision follows a recent cyber attack where the platform lost approximately $234 million due to a security flaw. The company made this information public on August 23 via an official statement, detailing the gradual reactivation of withdrawal services.
According to WazirX’s announcement, starting from August 26th until September 8th, users can withdraw up to 50% of their existing INR balance within a new limit of 66%. The remaining 50% of this limit will be accessible for withdrawal between September 7th and September 22nd. This phased withdrawal process is being implemented based on research findings, ensuring that all users have sufficient time to adapt to the changes.
WazirX Cuts Withdrawal Fees by 60%, INR Withdrawals to Begin
In the blog post published after the announcement, WazirX made it clear that their Indian Rupee (INR) operations entity, Zanmai Labs Pvt Ltd, was not implicated in the cyberattack. They also aimed to comfort users by stating they have sufficient INR to settle all user balances. Regrettably, around 34% of these funds remain frozen due to ongoing investigations by Law Enforcement Agencies (LEAs). These probes primarily concern third parties and Zanmai Labs is not involved in any of these investigations.
In an effort to simplify the withdrawal process, I’ve chosen to lower the withdrawal fees by a substantial 60% from INR 25 to INR 10 as an analyst at WazirX. Rest assured that all user balances remain secure during our investigations. Once the investigations are concluded and any frozen funds have been processed, your account balances will be fully accessible again.
WazirX announced plans to request court approval in Singapore’s High Court for structuring their platform under a Scheme of Arrangement. This legal move seems aimed at providing the necessary time and room for the platform to navigate challenging circumstances effectively.
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2024-08-24 16:40