Indian crypto exchange Wazirx has announced that INR withdrawals will resume in phases starting on Aug. 26, following a cyberattack that disrupted services. To manage crypto balances, Wazirx plans to implement a Singapore Scheme of Arrangement to facilitate the distribution of crypto assets. INR withdrawals will occur in two stages, allowing users to access up to 66% of their balances with reduced withdrawal fees.
Wazirx to Resume INR Withdrawals Up to 66% — Crypto Withdrawals Remain Suspended
This article was published more than a year ago. Some information may no longer be current.
WRITTEN BY
SHARE
Wazirx Resumes INR Withdrawals Following Cyberattack
Indian cryptocurrency exchange Wazirx announced on Friday that INR withdrawals will resume in phases starting Aug. 26, following the July 18 cyberattack that led to over $230 million being stolen.
The cyberattack significantly disrupted Wazirx’s operations, leading to the suspension of cryptocurrency and INR withdrawals. The crypto exchange explained:
While we regret that users have not been able to make withdrawals of cryptocurrency from their account on the platform for some time, it is not possible to simply resume cryptocurrency withdrawals.
“Due to the cyberattack and loss of a significant balance of ERC-20 tokens as a result of the theft, there are insufficient token assets available to meet the liabilities arising from the token balances owing to users of the platform,” Wazirx stressed.
The exchange detailed that it will implement a Singapore Scheme of Arrangement, a legal process that ensures a fair distribution of remaining assets. “We have decided to pursue a Singapore Scheme of Arrangement to facilitate an equitable and user-approved distribution of cryptocurrency assets pursuant to a Scheme,” the company described, emphasizing the importance of user involvement and legal compliance.
Regarding INR balances, Wazirx announced that withdrawals will begin on Aug. 26 in a phased manner. Noting that “all eligible users with INR balances will be able to withdraw up to ~66% of their INR balances as reflected on the Wazirx platform in phases,” the exchange noted:
After a careful assessment and understanding of all user feedback, we are pleased to announce that the suspension on withdrawals of INR balances will be lifted on 26 August 2024, and INR withdrawals will be enabled in phases.
All eligible users “will be able to withdraw up to half of the present ~66% limit of their INR balances” from Aug. 26 to Sept. 8, Wazirx clarified, adding that “users will be able to withdraw up to the full ~66% limit of their INR balances” from Sept. 9 to Sept. 22. Additionally, Wazirx stated that withdrawal fees will be reduced by 60%, from INR 25 to INR 10, to make the process more accessible for users during this challenging time.
What do you think about Wazirx’s phased approach to resuming INR withdrawals after the cyberattack? Let us know in the comments section below.
