Just-In: WazirX To Open Withdrawals On August 26

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As a seasoned crypto investor with a knack for navigating the digital asset landscape, I must admit that WazirX’s recent update has left me both relieved and intrigued. The July hack was undoubtedly a significant blow to the community, but the resilience shown by the team in facing this challenge is commendable.

WazirX, one of India’s prominent cryptocurrency exchanges, has shared important news regarding user withdrawal status and further actions to address the recent hacking incident. This update comes following the July 18 hack in which hackers stole approximately $230 million in ERC-20 tokens, causing a temporary halt in withdrawals and trading activities. As per the latest announcement, the platform plans to restart user withdrawals next week.

WazirX Offers Update On INR Withdrawals

Starting August 26, 2024, the exchange plans to gradually resume Indian Rupee (INR) withdrawals, which have been temporarily halted following a cyberattack, offering some relief to its users.

Following thorough consideration of user input and the present circumstances, we’ve made this decision. Rest assured, WazirX has confirmed that the Indian Rupee (INR) reserves, handled by Zanmai Labs Pvt Ltd, the entity overseeing INR-related activities on the platform, continue to be secure.

As a researcher, I must share that the Indian crypto exchange has made it clear that not all INR balances can be withdrawn immediately. It appears that around 34% of these balances are under hold by law enforcement agencies (LEAs) due to ongoing probes into third-party entities they’re investigating.

The funds that have been frozen are not associated with any misconduct on the part of Zanmai Labs. It’s important to note that they are not under scrutiny in these investigations. To ensure a smooth withdrawal procedure, the Indian exchange has proposed a step-by-step plan for processing:

  • From August 26 to September 8, 2024: Users will be able to withdraw up to half of the available 66% of their INR balances.
  • From September 9 to September 22, 2024: Users will be able to to withdraw the full 66% of their INR balances.

Besides the staged exit strategy, WazirX has also declared a 60% decrease in withdrawal charges. Now, instead of INR 25, it will only cost INR 10 to withdraw funds, making the process simpler and more convenient for users.

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2024-08-23 16:27