As a seasoned crypto investor with a few battle scars to show for it, I’ve seen my fair share of ups and downs in this wild world of digital assets. The recent news about WazirX facing challenges, including that massive hack, has certainly caught my attention.
As a crypto investor, I’ve learned that WazirX is contemplating operational changes following some significant hurdles it has encountered, among which was the devastating hack in July that resulted in the theft of approximately $230 million worth of ERC-20 tokens.
In a recent post on X, WazirX criticized certain external groups for trying to slow down its restructuring. The exchange believes these groups are not acting in the best interest of WazirX or its users and are instead trying to create uncertainty that could delay a resolution.
👋 Hey everyone! We know that choosing a restructuring path might spark some worries, but please note that it’s the quickest and legally reliable method for tackling the ongoing crypto-related problem we face.
We firmly believe that this course is what’s best for…
— WazirX: India Ka Bitcoin Exchange (@WazirXIndia) August 24, 2024
To tackle this issue, WazirX has devised a multi-stage strategy for recovery following the hack. Commencing on Monday, the platform will progressively restart Indian Rupee (INR) withdrawal options, enabling users to regain access to their funds once more.
As an analyst, I’m sharing that WazirX is proactively alleviating some financial strain for its users by slashing withdrawal fees by a significant 60%. This move demonstrates their commitment to supporting their community amidst current challenging times.
WazirX is additionally pursuing legal measures for recovery and is implementing a legal procedure known as a “Scheme of Arrangements” in Singapore, which requires court approval. This process aims to facilitate equitable resolutions with all parties involved, while adhering to stringent legal guidelines.
In spite of the difficulties, WazirX continues to work diligently towards finding a solution and prioritizing the well-being of its users. They have pledged to disclose further information regarding their reorganization strategy in the upcoming week.
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2024-08-24 22:44