🚨🛑⛔️WazirX Announces Partial INR Withdrawals After $230 Million Hack 🚨
WazirX, a prominent cryptocurrency exchange, has taken a significant step towards restoring user confidence after a devastating cyberattack resulted in a loss of $230 million. The exchange has announced that it will commence partial withdrawals of Indian Rupee (INR) balances, starting from August 26. This move aims to provide users with access to their funds, albeit in a phased manner.
_Phased Withdrawal Process_ 📊
- Stage 1 (Aug 26 - Sep 8): Users can withdraw up to 50% of the 66% limit
- Stage 2 (Sep 9 - 22): Remaining funds up to the 66% cap will be available for withdrawal
This gradual approach ensures a controlled release of funds, minimizing potential risks and allowing WazirX to maintain stability. Users will be able to access up to 66% of their INR balances, providing much-needed relief.
_Background_ 🤔
- WazirX suffered a massive cyberattack, resulting in a $230 million loss
- The exchange has been working to recover and restore user funds
- Partial withdrawals aim to rebuild trust and provide users with access to their funds
By implementing this phased withdrawal process, WazirX demonstrates its commitment to user satisfaction and security. However, it's essential for users to remain cautious and monitor the situation closely. The exchange's long-term recovery and security measures will be crucial in regaining user trust.
