WazirX Users to Regain 66% of INR Balances; Users Demand Full Access Read CoinChapter.com on Google News
Nairobi (CoinChapter.com) — WazirX has announced that users will regain access to 66% of their INR balances starting Aug. 26 even as withdrawals remain blocked. This update comes in the wake of the July 18 cyberattack, which led to a $234 million loss, one of the largest breaches in India’s crypto history.
The exchange has faced intense user backlash as frustrations grew over the delayed access to funds.
Crypto Withdrawals Halted Indefinitely; INR Balances Partially Accessible
In an Aug. 23 statement, WazirX confirmed that users could withdraw up to 66% of their INR balances starting Aug. 26, though cryptocurrency withdrawals remain on hold. The exchange cited the July 18 cyberattack, which drained a substantial amount of ERC-20 tokens, leaving the platform unable to fulfill its obligations.
WazirX announcement about INR withdrawals and crypto next steps after cyberattack. Source: X
WazirX’s management, led by co-founder Nischal Shetty, acknowledged users’ frustration but emphasized that the decision was necessary to ensure the platform’s viability. Shetty added that WazirX would provide INR withdrawals in two phases, with fees reduced from INR 25 to INR 10 to alleviate some financial strain on users.
The exchange is now pursuing a Singapore Scheme of Arrangement, a legal process aimed at equitably restructuring its obligations for all users.
Under this scheme, users can vote on the proposed restructuring plan, although many have expressed skepticism about the process’s fairness.
User Anger Grows Over WazirX’s Withdrawal Limits
WazirX faces increasing criticism for its handling of the post-hack crisis. Users have condemned the exchange for failing to protect their funds and unclear communication. Users like Engineer PD on X labeled the situation a “shame,” pointing to what they see as poor management after the hack.
Despite WazirX’s assurances, users continue to question the platform’s reliability.
Engineer PD criticizes WazirX’s hack response. Emphasizes responsibility for user safety. Source: X
Another user, questioned why WazirX, despite claiming to have 1:1 backing, is not refunding users in full, suggesting the exchange might prioritize its interests over those of its users.
WazirX users threaten legal action over assets. Source: X
Victims of the hack, under “Justice for WazirX Users,” plan to pursue legal action. They criticize the exchange for not releasing 55% of assets immediately and accuse it of ignoring users’ needs. Moreover, the group urges others affected to join them in filing a police complaint against Nischal Shetty and WazirX India.
WazirX’s user agreement, which requires disputes with Zanmai Labs to be settled in the Singapore International Arbitration Centre (SIAC), has raised concerns about potential legal hurdles for users, further complicating the situation.
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