As a seasoned crypto investor with a knack for navigating through turbulent market waters, I’ve seen my fair share of ups and downs. The recent announcement by WazirX regarding the resumption of INR withdrawals has certainly piqued my interest. While it’s encouraging to see some progress being made, the fact that crypto withdrawals are still on hold leaves a bittersweet taste.
As a researcher, I’m excited to share that I recently learned about WazirX, an Indian cryptocurrency exchange, announcing a significant update for its users. From August 26 onwards, customers will now have the option to withdraw their Indian Rupee balances, providing them with more flexibility in managing their digital assets.
In a statement released on August 23rd, WazirX informed its users that they would not be able to withdraw their cryptocurrency holdings at this time. This decision comes after the platform temporarily halted all withdrawals as a result of the $230 million hack that occurred in July.
Based on information from WazirX, they chose to temporarily stop withdrawals and trading activities in order to minimize any potential negative effects and carefully consider their options for addressing the issue effectively for their clients.
The most recent update tackles two major issues that have been at the forefront of the exchange’s users – their cryptocurrency and Indian Rupee (INR) balances. These concerns have been prevalent since the contentious plan suggesting that the exchange should bear the losses was proposed.
Crypto withdrawals? Not yet
About the user cryptocurrency holdings on WazirX, they acknowledged experiencing substantial losses due to a security breach. At present, the remaining cryptocurrencies aren’t enough to cover user obligations, which means resuming crypto withdrawal services isn’t feasible for now.
In other words, it’s advisable to handle this situation fairly, whenever feasible, by seeking a legally enforceable resolution.
WazirX is following a Singapore restructuring plan called a Scheme of Arrangement, which falls under their insolvency laws. For this plan to take effect, the creditors of WazirX must approve it. Users are hoping for a quick resolution; if not, it might prolong into another lengthy period similar to the Mt. Gox case that lasted almost a decade.
Part of the next steps will include an application at the High Court of Singapore.
INR withdrawals to resume
For those WazirX users with cryptocurrency balances during the $230 million theft, patience is required as they await resolution. However, the scenario varies for customers who only had Indian Rupee (INR) balances, as stated by the exchange.
Following thorough evaluation and comprehension of all user input, we’re excited to share that the hold on INR balance withdrawals is set to be removed on August 26, 2024. The process for enabling INR withdrawals will commence gradually thereafter.
As a seasoned user of digital assets platforms, I have seen many changes over the years, and one that stands out is WazirX’s recent announcement about their phased withdrawal plan. This strategy seems to be a thoughtful approach, allowing users like myself to gradually withdraw half of our balances between August 26 and September 8, with the option to take out the full limit between September 9 and 22, 2024. The flexibility this offers is truly appreciated, as it provides a sense of control over one’s assets, especially during uncertain times in the market.
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2024-08-23 18:58