Indian cryptocurrency exchange WazirX, after a turbulent month following a hack attack, is showing signs of recovery with the initiation of INR withdrawals. However, users remain anxious about the timelines for the resumption of crypto withdrawals.
INR Withdrawals Resumed
In its latest update, WazirX announced that users eligible for withdrawal can redeem up to 50% of the available 66% limit during the first phase of their recovery plan. The exchange also reduced withdrawal fees by 60%, lowering them from 25 to 10 INR to help mitigate some impacts on users from the temporary service disruption.
Crypto Withdrawal Restrictions
Despite these positive moves regarding INR withdrawals, cryptocurrencies remain restricted, and users are currently unable to withdraw their digital assets. WazirX has not provided a specific timeline for when crypto withdrawals will be re-enabled, causing concern among users about the security of their funds.
History and Next Steps
On July 18, 2024, WazirX was attacked, resulting in losses exceeding $230 million. The company was forced to suspend both INR and crypto withdrawals to mitigate revenue loss. Since then, the exchange has been under pressure to reopen and regain user trust. While the commencement of INR withdrawals marks a significant breakthrough, the suspension of crypto withdrawals continues to be a concern for users. The entire crypto community is closely monitoring the situation, awaiting further actions from WazirX.
As WazirX takes steps towards recovery post-attack, users continue to wait for the resumption of crypto withdrawals. The crypto community is hopeful for a swift resolution to this issue.
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