One of India’s largest crypto exchanges, WazirX, has provided a crucial update on the status of user withdrawals and the next steps in addressing the hack incident.
Update on INR Withdrawals
The exchange announced that starting from August 26, 2024, it will begin lifting the suspension on INR withdrawals in a phased manner. This decision comes after a careful assessment of user feedback and the current situation. WazirX assures that the INR reserves, managed by Zanmai Labs Pvt Ltd, remain secure. However, approximately 34% of these reserves have been frozen by law enforcement agencies (LEAs) due to ongoing investigations into third-party entities.
Reserves and Investments
The exchange clarified that the frozen funds are not linked to any wrongdoing by Zanmai Labs, which is not the target of these investigations. To manage the withdrawal process effectively, the exchange has outlined a phased approach: * **From August 26 to September 8, 2024:** Users will be able to withdraw up to half of the available 66% of their INR balances. * **From September 9 to September 22, 2024:** Users will be able to withdraw the remaining 66% of their INR balances.
Fee Reduction
In addition to the phased withdrawal plan, WazirX has announced a reduction in withdrawal fees by 60%, bringing the fee down from INR 25 to INR 10. This fee reduction is intended to ease the withdrawal process for users as they regain access to their funds.
These measures are aimed at restoring user trust and ensuring access to funds following the hacker attack, reaffirming WazirX's commitment to protecting its customers' interests.
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