- Security Issues and Suspension
- Resumption of Withdrawals
- Step-by-Step Withdrawal Process
One of India's largest cryptocurrency exchanges, WazirX, has released an important update on the status of customer withdrawals, detailing what will happen next following the recent hack.
Security Issues and Suspension
In an incident on July 18, hackers stole $230 million worth of ERC-20 tokens, forcing the platform to halt trading and withdrawals.
Resumption of Withdrawals
Next week, the exchange will allow withdrawals again. WazirX will start to remove the ban on INR withdrawals beginning on August 26, 2024, in a gradual process that ensures users can retrieve their funds.
Step-by-Step Withdrawal Process
This decision was made following a thorough evaluation of user input and present circumstances. The INR reserves, managed by Zanmai Labs Pvt Ltd, are safe. However, 34% of these balances are frozen by law enforcement agencies due to ongoing investigations against third-party companies. Users will be able to withdraw a maximum of 50% of their INR holdings from August 26, 2024, to September 8, 2024. The complete 66% of users’ INR balances will be available for withdrawal from September 9th to September 22nd, 2024.
This update brings hope for WazirX users anticipating a return to normal operations following one of the largest incidents in the exchange's history.
