In a much-anticipated move, WazirX has announced that it will resume INR withdrawals starting August 26, 2024. This comes as a relief to users who have been waiting for a resolution following the recent cyber attack on the platform.
Phased Withdrawal Plan
WazirX is implementing a phased approach to INR withdrawals, allowing users to access 66% of their INR balance. The process is divided into two distinct phases:
Phase 1 (August 26 – September 8, 2024): During this period, users will be able to withdraw 50% of the 66% eligible amount. This initial phase aims to provide a substantial portion of the funds while ensuring a smooth transition.
Phase 2 (September 9 – September 22, 2024): The remaining balance can be withdrawn during this phase. By the end of September, users will have full access to their INR funds, subject to the overall limit.
This phased approach is designed to manage the withdrawals efficiently while maintaining the platform’s stability.
What Users Need to Do
To access their funds, users should regularly check their WazirX accounts for updates and follow the instructions provided for the withdrawal process. It’s crucial to stay informed about the timelines and any potential changes to the plan.
Sources:
Important Announcement About INR Withdrawals and Crypto Next StepsThe last month has been a difficult time for users of the WazirX platform due to the cyberattack on 18 July 2024 and the subsequent suspension of withdrawals and trading to mitigate impact to the platform. We… pic.twitter.com/XdAr3V3TOp
— WazirX: India Ka Bitcoin Exchange (@WazirXIndia) August 23, 2024
For the latest updates and more details, keep an eye on official WazirX communications and news outlets.