It’s been a tumultuous month for WazirX users, following the devastating cyberattack on July 18, 2024, which prompted the platform to suspend withdrawals and trading.
After weeks of intense efforts, the WazirX team has finally outlined a plan to address users’ pressing concerns regarding cryptocurrency and INR balances.
📢 Important Announcement About INR Withdrawals and Crypto Next Steps
The last month has been a difficult time for users of the WazirX platform due to the cyberattack on 18 July 2024 and the subsequent suspension of withdrawals and trading to mitigate impact to the platform. We… pic.twitter.com/XdAr3V3TOp
— WazirX: India Ka Bitcoin Exchange (@WazirXIndia) August 23, 2024
WazirX Confirms It Will Allow Users To Withdraw Upto 60% Of Their Indian Rupees
In a welcome move, WazirX will allow users to withdraw up to 66% of their Indian rupees starting Monday, marking a significant step towards recovery. However, the crypto community remains in limbo, as cryptocurrency withdrawals remain indefinitely frozen.
WAZIRX ALLOWS INR WITHDRAWALS, KEEPS CRYPTO FROZEN
WazirX is letting users pull out up to 66% of their Indian rupees starting Monday, a month after that $230M hack shook the platform.
But here’s the kicker—crypto withdrawals? Still frozen indefinitely.
WazirX is rolling out… pic.twitter.com/jppf7n4ruY
— IBC Group Official (@ibcgroupio) August 24, 2024
The platform has initiated phased INR withdrawals, but a substantial portion – around a third – of the funds remain locked due to ongoing disputes and investigations. Meanwhile, WazirX is pursuing a Singapore Scheme of Arrangement to resolve the distribution of crypto assets.
While this development brings some respite to users, the prolonged freeze on crypto withdrawals continues to cast a shadow over the platform’s recovery. As WazirX navigates this complex situation, users can only hope for a swift and equitable resolution to this saga.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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