WazirX Opens Partial INR Withdrawals for Eligible Users
WazirX, an Indian cryptocurrency exchange, has now allowed eligible users to access some of their funds through the phased opening of INR withdrawals following the recent attack on the platform.
Partial Withdrawals Now Available
According to WazirX’s announcement on August 26, it is restoring INR withdrawals for a limited number of customers who are permitted to withdraw up to 50% of the 66% of balance that they possess in INR. Precisely so, as of now, they are allowed to withdraw merely 33% of the total INR funds they have stored in the platform.
In undoing the partial requirement, WazirX has whipped up the withdrawal fee by 60% meanwhile. The fee, which news was 25 INR (which is approximately $0.30), has now been brought down to 10 INR ($0.12) for easier withdrawal for users. The planned step-by-step withdrawal process is the main focus until September 22, after which further news is anticipated.
WazirX Grapples with Hack Consequences
This decision is coming after the company has been forced to suspend all its operations due to a hack that took place in July. The digital currency exchange company with its very elegant company policy in the midst of a very busy jurisdiction of Singapore insolvency has it in practice the restructuring process that will amount to the replacement of the wallet with other cryptocurrencies to close the gap between users and cryptocurrency exchange.
The hack, which was reckoned to have had some $235 million of losses, has caused one of the biggest hacks of a centralized cryptocurrency exchange this year. The incident is first after the hacking of DMM Bitcoin in May, which to the hacker’s delight, the heist managed to walk out with $308 million.
Although there has been a partial reopening, WazirX still has not specified when users will be able to access their INR balances in full or withdraw their cryptocurrency holdings, which are still frozen.
Looking Ahead
As WazirX moves forward in tackling the impact of the hack, the platform’s focus is still on the safety of its users’ assets and gaining their trust back. Opening up a little bit more on INR withdrawal and slashing off the charges are definitely worth appreciating, however, the entire recovery will not be a piece of cake.
Keep track of developments through official channels for any changes relating to a complete resumption of services that may be announced.
