As an experienced Indian crypto investor who has navigated through the turbulent seas of the digital currency market for quite some time now, I must admit that the recent development regarding WazirX is both encouraging and concerning at the same time. On one hand, it’s heartening to see the exchange taking steps towards normalizing operations, especially with the reduced withdrawal fees and partial reopening of INR withdrawals. However, the fact that users can only access 33% of their INR balances is a bit disheartening and raises questions about the overall financial health of the platform post-hack.
The Indian cryptocurrency platform, WazirX, has once again made it possible for “qualified users” to withdraw Indian Rupees (INR), and they’ve lowered the withdrawal fees by a substantial 60%.
After enduring a significant hacking incident resulting in substantial losses, the cryptocurrency platform WazirX has initiated the initial stage for Indian Rupee (INR) withdrawals.
As an analyst, I’d rephrase this announcement from the Mumbai-based trading platform: “Beginning August 26th, eligible users on our platform will be allowed to withdraw up to half of their INR balance limit, which means they can only withdraw 33% of their actual INR balances.”
— WazirX: India Ka Bitcoin Exchange (@WazirXIndia) August 26, 2024
Moreover, the platform has lowered withdrawal fees by a substantial 60%, bringing them down from approximately INR 25 (equivalent to $0.30) to INR 10 ($0.12). This adjustment aims to streamline the withdrawal process for users. The phased INR withdrawal scheme will continue until September 22nd.
Although WazirX has partially resumed operations, it hasn’t made clear when users can fully access their Indian Rupee (INR) funds or initiate withdrawals of their cryptocurrency assets, which are still being held due to the hacking incident.
WazirX grapples with hack consequences
In light of my decision to temporarily halt all withdrawals and trading activities on WazirX following the significant hack that occurred in July, I am currently navigating a restructuring process under Singapore’s insolvency laws. This step is taken to minimize any further harm, evaluate the most effective strategy for our customers, and address the shortfall in our crypto assets, ensuring we meet our obligations to users as reported by crypto.news earlier.
WazirX experienced a substantial security incident, leading to an estimated loss of around $235 million. This breach is the second largest hack of its kind among centralized exchanges in recent times, with the DMM Bitcoin exploit on May 31 being the only larger incident, causing losses amounting to $308 million.
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2024-08-26 17:40