Indian cryptocurrency exchange WazirX has announced the resumption of Indian Rupee (INR) withdrawals in a phased approach, starting on August 26, 2024. The decision comes after a major cyberattack in July that resulted in the theft of over $230 million, prompting the exchange to halt all withdrawals and trading to assess the situation and mitigate the impact.
Following the cyberattack, WazirX has been working diligently to address the aftermath and ensure the security and stability of its platform. As part of this effort, the exchange has announced that users will now be able to withdraw up to 66% of their INR balances, with fees reduced by 60% to ease the financial burden on its users during this challenging period.
In the initial phase of the resumption process, which will run from August 26 to September 8, users will have the opportunity to withdraw up to 50% of their INR balances. This will be followed by a second phase from September 9 to September 22, during which users can access the full 66% limit for withdrawals.
While INR withdrawals are set to resume, cryptocurrency withdrawals will remain suspended as WazirX continues to implement a Singapore Scheme of Arrangement to address the loss of ERC-20 tokens in the cyberattack. This legal restructuring process is aimed at ensuring a fair distribution of the remaining assets and providing a comprehensive solution for all stakeholders involved.
In an announcement issued on August 23, WazirX stated its intention to file an application in the High Court of Singapore to pursue a restructuring under the Scheme of Arrangement. The proposal, once approved by WazirX creditors and the High Court of Singapore, is expected to provide the platform with the necessary time and resources to address the aftermath of the cyberattack and ensure a fair resolution for all parties.
The phased resumption of INR withdrawals marks a critical step in WazirX’s recovery process and offers some relief to affected users. While the exchange continues to work towards a comprehensive solution for cryptocurrency withdrawals, the reduction in fees and increased withdrawal limits for INR balances demonstrate WazirX’s commitment to supporting its users during this challenging time.
Overall, the resumption of INR withdrawals with reduced fees signifies a positive development for WazirX and its users as the exchange navigates the aftermath of the cyberattack and works towards restoring trust and stability in its platform.
Increased Transparency and Communication
One of the key aspects of WazirX’s recovery process is its commitment to increased transparency and communication with its users. The exchange has been providing regular updates on the resumption of withdrawals and the progress of the Singapore Scheme of Arrangement, ensuring that users are kept informed of the latest developments.
By maintaining open lines of communication and providing clear and timely updates, WazirX is demonstrating its dedication to rebuilding trust and confidence among its user base. This transparent approach not only helps to keep users informed but also fosters a sense of transparency and accountability within the exchange.
Enhanced Security Measures
In the wake of the cyberattack, WazirX has been implementing enhanced security measures to strengthen its platform and protect user funds. The exchange has been working with cybersecurity experts to identify vulnerabilities and enhance its security protocols to prevent future attacks.
By prioritizing the security and integrity of its platform, WazirX is taking proactive steps to safeguard user funds and ensure the long-term sustainability of its operations. These enhanced security measures are essential for rebuilding trust and confidence among users and demonstrating the exchange’s commitment to protecting their assets.
Continued Commitment to User Protection
As WazirX continues to navigate the aftermath of the cyberattack and work towards a comprehensive solution for cryptocurrency withdrawals, the exchange remains committed to prioritizing user protection and ensuring the security of its platform. By resuming INR withdrawals with reduced fees and increased limits, WazirX is taking significant steps towards supporting its users during this challenging period and providing a path towards recovery and stability.
Overall, the phased resumption of INR withdrawals, along with the implementation of enhanced security measures and increased transparency, demonstrates WazirX’s commitment to protecting user funds and rebuilding trust in its platform. As the exchange works towards a comprehensive solution for cryptocurrency withdrawals, these efforts signify a positive step forward in the recovery process and highlight WazirX’s dedication to supporting its users through challenging times.
