Indian Cryptocurrency Exchange WazirX Allows INR Withdrawals
WazirX, an Indian cryptocurrency exchange, has revealed that customers can start withdrawing their Indian Rupee balances from August 26, 2024. This update comes after the exchange halted all withdrawals following a significant hack in July that left the platform vulnerable.
Current Status of Crypto Balances on WazirX
WazirX has acknowledged that due to the losses incurred during the hack, they do not have enough crypto assets to cover user liabilities. As a result, crypto withdrawals are still on hold until a more equitable solution is found. The exchange is looking into a Singapore Scheme of Arrangement for restructuring under the country’s insolvency laws.
Phased Approach to INR Withdrawals
For users with INR balances on WazirX, the exchange plans to resume withdrawals in phases starting from August 26, 2024. Customers will be able to withdraw a portion of their balances between August 26 and September 8, with full withdrawals allowed between September 9 and 22, 2024. Additionally, WazirX is reducing the withdrawal fee by 60% to make the process more cost-effective for users.
