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๐ผ๐ฝ Once again US market open with volatile move.
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๐จ Important update for wazix user ๐จ WazirX Update : Cryptocurrency Balances: Withdrawal Suspension: Users have not been able to withdraw cryptocurrency due to the cyberattack. Token Deficit: Significant ERC-20 tokens were stolen, creating a shortfall in available assets to cover liabilities. Legal Solution: WazirX will pursue a Singapore Scheme of Arrangement to ensure equitable distribution of assets. Users will vote on the restructuring proposal. INR Balances: Resumption of Withdrawals: INR withdrawals will resume on 26 August 2024 in phases. Fee Reduction: Withdrawal fees will be reduced from INR 25 to INR 10. Frozen Balances: 34% of INR balances are frozen due to ongoing investigations, so only 66% of balances will be available for withdrawal.Phase 1 (26 Aug โ 8 Sep 2024): Users can withdraw up to half of the available 66%. Phase 2 (9 โ 22 Sep 2024): Users can withdraw up to the full 66%. Assurance: Zanmai Labs, responsible for INR-related activities, has sufficient reserves to cover all balances, and it is not a target of the investigations. Next Steps: Legal Proceedings: An application will be filed in the High Court of Singapore for the restructuring process. Updates: Further updates will be provided to users as the situation develops. FAQs Highlights: Singapore Scheme of Arrangement: A legal process under Singapore law allowing companies to restructure debts with creditor approval. Cryptocurrency vs. INR Balances: Cryptocurrency balances are being restructured due to the shortfall, while INR balances are mostly secure but partly frozen. INR Withdrawals: Users will gradually regain access to their INR balances, with the full release dependent on the conclusion of investigations
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