- Resumption of Withdrawals
- Reduction of Withdrawal Fees
- Severance with Liminal Custody
Crypto exchange WazirX announced the phased lifting of the suspension on INR withdrawals starting August 26. Users will be able to withdraw 66% of their INR balances reflected on the platform, with the suspension being lifted in two phases.
Resumption of Withdrawals
From August 26 to September 8, users can withdraw up to half of the 66% limit, and from September 9 to 22, they can withdraw the full 66% limit.
Reduction of Withdrawal Fees
To facilitate withdrawals, WazirX will reduce withdrawal fees by 60%, lowering them from Rs 25 to Rs 10. In order to resume cryptocurrency withdrawals, WazirX plans to follow a Singapore scheme of arrangement, aiming for an equitable and user-approved distribution of cryptocurrency assets.
Severance with Liminal Custody
On August 14, WazirX announced the termination of its partnership with custody provider Liminal Custody following the security breach that occurred on July 18. The breach involved the draining of funds from a Gnosis SAFE multisig wallet initially deployed by WazirX before their collaboration with Liminal and later integrated into Liminal’s platform. This incident has led to a public dispute between the two companies, each blaming the other for the exploit. In an official statement, a representative from Liminal expressed concerns about WazirX’s security practices.
WazirX is taking measures to ensure equitable asset distribution and maintain security following significant losses due to the breach. The implemented process will include user voting and regular updates.
