$BNB WazirX Announces Gradual Return of Indian Rupees Withdrawals
IndiaWazirx
Wazirx has announced that INR (Indian Rupee) withdrawals will resume starting on Monday, August 26.
Indian cryptocurrency exchange Wazirx announced on August 23 that INR withdrawals will resume in phases starting on August 26, following a major cyberattack on July 18.
The attack resulted in over $230 million theft, severely disrupting the exchangeâs operations and suspending cryptocurrency and INR withdrawals.
The attack suspended withdrawals and trading as the team worked to mitigate the impact and develop a resolution.
Wazirx Resumes INR Withdrawals After Cyberattack
Wazirx has decided to implement a Singapore Scheme of Arrangement in response to the cyberattack. This legal process ensures a fair and user-approved distribution of the remaining cryptocurrency assets.
The exchange highlighted the importance of this approach, citing the need for legal compliance and user involvement in the distribution process.
Wazirx clarified that the loss of a substantial balance of ERC-20 tokens has left the exchange unable to fully meet its cryptocurrency liabilities.
To ensure fairness, WazirX plans to pursue a Singapore Scheme of Arrangement.
This legal process will allow for an equitable distribution of cryptocurrency assets, with users voting on and approving the restructuring proposal.
The platform emphasized that user feedback would be critical, and all material developments would be communicated through polls and town halls.
Wazirx plans to lift the withdrawal suspension for INR balances starting August 26. Withdrawals will be enabled in two stages, allowing users to access up to 66% of their INR balances.
In the first phase, from August 26 to September 8, users can withdraw up to half of this limit.
The second phase, from September 9 to September 22, will allow users to withdraw the full 66%.
To ease the withdrawal process during this challenging time, Wazirx has also reduced withdrawal fees by 60%, lowering the cost from INR 25 to INR 10.
