Crypto Exchange WazirX Allows Withdrawals in Indian Rupees Following Hack
WazirX is giving users the ability to withdraw up to 66% of their Indian rupees (INR) from the platform starting Monday, after facing a $230 million loss due to a recent hack. Here’s what you need to know:
Withdrawal Options for WazirX Users
As a WazirX user, you can now withdraw up to two-thirds of your INR from the platform:
– The exchange allows users to take out up to 66% of the INR in their accounts
– Crypto withdrawals remain paused for the time being
– WazirX cites losses in Ethereum tokens and other assets as the reason for the pause
How the Hack Affected WazirX
Following the cyberattack and loss of ERC-20 tokens, the exchange faced challenges:
– Not enough token assets to cover user liabilities
– Cancelled all outstanding open orders to address account balance issues
– Hackers exploited WazirX’s multi-party computation wallet to steal $230 million
Stage Withdrawal Plan
WazirX is implementing a phased approach to withdrawals:
– Users can withdraw half of their INR from August 26 to September 8
– The remainder of the rupees can be withdrawn between September 9 and 22
– Reduced withdrawal fees from Rs 25 to Rs 10
Legal Process and User Approval
WazirX is pursuing a Singapore Scheme of Arrangement to distribute cryptocurrency assets fairly:
– Users will have a say in any restructuring proposal
– The exchange and advisors will drive the initiative
– Community vote timing is yet to be announced
Hot Take: What WazirX Users Should Know
As a user, it’s important to stay updated on the withdrawal options and any restructuring proposals from WazirX. Keep an eye out for further announcements from the exchange to stay informed.
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