🚨 Important update for wazix user 🚨

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 – 8 Sep 2024): Users can withdraw up to half of the available 66%.

Phase 2 (9 – 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