Overview of WazirX’s Recent Updates
Indian cryptocurrency exchange WazirX has re-launched the option for INR withdrawals for eligible users and has decreased withdrawal fees by 60%. Following a recent cyber attack, the exchange has initiated the first phase of INR withdrawals, allowing users to withdraw up to half of their available 66% limit of their INR balances until Sept. 22. The withdrawal fees have also been reduced from INR 25 to INR 10 to streamline the process for users.
WazirX’s Response to the Hack
In response to a major hack in July, WazirX made the decision to temporarily suspend all withdrawals and trading activities to assess the situation and minimize further damage. The exchange is now undergoing a restructuring process to address the shortfall in available crypto assets and meet its obligations to users. The breach resulted in a loss of approximately $235 million, positioning it as the second-largest centralized exchange hack, surpassed only by the DMM Bitcoin exploit.
