Indian crypto exchange Wazirx has initiated the first phase of INR withdrawals, permitting eligible users to withdraw up to 33% of their INR balances. Co-founder Nischal Shetty noted that the timeline for the second phase remains uncertain due to several internal factors that need to be addressed.
Wazirx Begins INR Withdrawal Phase 1: Users Can Withdraw Up to 33%
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Wazirx Launches Phase 1 of INR Withdrawals
Indian cryptocurrency exchange Wazirx announced on Monday the launch of the first phase of INR withdrawals, enabling eligible users to withdraw up to 33% of their INR balances. The exchange shared on social media platform X:
INR Withdrawals Phase 1 Now Live. All eligible users can withdraw up to half of the available 66% limit of their INR balances.
Wazirx announced last week that INR withdrawals would resume in phases starting today, following the July 18 cyberattack that resulted in the theft of over $230 million. Due to insufficient cryptocurrency reserves after the theft, the exchange will implement a Singapore Scheme of Arrangement to distribute the remaining crypto assets. INR withdrawals will be phased, with a cap at half of the 66% limit from Aug. 26 to Sept. 8, and the full limit available from Sept. 9 to Sept. 22. Withdrawal fees will be reduced from INR 25 to INR 10 during this period.
Nischal Shetty, co-founder of Wazirx, apologized for the delay in launching the initial INR withdrawal phase, attributing it to checks and tests that took longer than anticipated. Acknowledging the urgency felt by users, he shared on X Monday:
We’ve heard your feedback and are looking at expediting phase 2 (no promises, depends on many internal things to happen first).
Social media is filled with calls for Wazirx to expedite its withdrawal process for both INR and cryptocurrencies. Some users are concerned about only being able to access 33% of their funds, and others have reported error messages that have prevented them from completing their withdrawals.
What are your thoughts on Wazirx’s phase 1 of INR withdrawals? Let us know in the comments section below.
