Embattled Indian exchange WazirX has announced the reopening of Indian Rupee (INR) withdrawals a few weeks after it lost $230 million in a cyberattack.
The crypto exchange plans to allow users with INR balances to withdraw 66% of their assets for now, but 34% remain frozen due to ongoing disputes and investigations by law enforcement agencies.
The exchange disclosed that users can withdraw half of the available 66% from August 26, 2024, to September 8, 2024. The other half would be available for withdrawal between September 9 and September 22, 2024. It did not specify when or whether the 34% balance would be available.
WazirX crypto holders get the short end of the stick
The exchange can distribute Indian rupees because its operating entity, Zanmai Labs, held the INR balance and was unaffected by the hack. However, customers with cryptocurrency balances are in a worse position due to the cyberattack, as the exchange lost most of its ERC-20 tokens.
This means the exchange balance is insufficient to cover the customerâs assets, making it impossible to resume crypto withdrawals.
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