Cryptocurrency exchange WazirX has re-launched INR withdrawals, introducing a first phase that limits users to withdrawing up to 33% of their balances.
Start of INR Withdrawals
On August 26, cryptocurrency exchange WazirX, headquartered in Mumbai, announced the launch of the first phase of INR withdrawals. All “eligible users” can withdraw up to half of the available 66% limit of their INR balances, which means users can only withdraw 33% of their INR balances.
Reduction of Fees
The exchange has also reduced withdrawal fees by 60%, from INR 25 (approximately $0.30) to INR 10 ($0.12), to simplify the withdrawal process for users. The phased INR withdrawal plan will run until September 22.
Hack Consequences
Despite the partial reopening, WazirX has yet to clarify when users will have full access to their INR funds or when they can start withdrawing their cryptocurrency holdings, which remain frozen following the hack. The exchange halted all withdrawals and trading activities in July after the massive hack in a move aimed at mitigating further damage and assessing the best course of action. Reports indicate that the exchange is now exploring restructuring under Singapore’s insolvency laws.
WazirX has suffered significantly from the hack, losing approximately $235 million, making it the second-largest hack among centralized exchanges recently.
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