On August 23, Indian cryptocurrency exchange WazirX announced the resumption of Indian rupee (INR) withdrawals and a 60% reduction in withdrawal fees after a cyberattack in July 2024.
Resuming Indian Rupee Withdrawals
Starting August 26, 2024, WazirX will begin a phased resumption of INR withdrawals. Users will be able to withdraw funds with reduced fees from 25 rupees to 10 rupees. This process is part of a broader recovery plan following the July 18, 2024 cyberattack, which resulted in the exchange losing over $230 million.
WazirX Cyberattack
The cyberattack on WazirX, suspected to be the work of the North Korean hacker group Lazarus, led to the suspension of withdrawals and crypto transactions. In response, WazirX has been working with partners on recovery plans. These plans include debt restructuring and fair distribution of cryptocurrency assets.
Structural Planning and Singapore Scheme
WazirX will apply to the High Court of Singapore to confirm the plan under the Bankruptcy, Restructuring, and Dissolution Act, which provides a statutory framework for corporate rescue and debt restructuring. This approach ensures better recovery for creditors than liquidation. WazirX has also invited users to vote on the plan before its final approval.
The resumption of INR withdrawals and fee reductions marks an important step for WazirX in its recovery journey following the cyberattack blamed on the Lazarus group. The platform continues to work on the restructuring plan to benefit its users and creditors.
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