Indian crypto exchange WazirX has re-launched INR withdrawals for “eligible users” and decreased withdrawal fees by 60%.

Cryptocurrency exchange WazirX, which recently experienced a multi-million dollar hack, has initiated the first phase of INR withdrawals. The Mumbai-headquartered trading platform announced that starting from Aug. 26, all “eligible users” can withdraw “up to half of the available 66% limit of their INR balances,” meaning users can withdraw only 33% of their INR balances.

INR Withdrawals Phase 1 Now Live: All eligible users can withdraw up to half of the available 66% limit of their INR balances. We have also reduced withdrawal fees by 60% – from INR 25 to INR 10 to make this process easier for you. Thank you for your continued patience.

Additionally, the exchange has reduced withdrawal fees by 60%, from INR 25 (approximately $0.30) to INR 10 ($0.12), to simplify the withdrawal process for users. The phased INR withdrawal plan will continue until Sept. 22.

Despite the partial reopening, WazirX has not yet clarified when users will have full access to their INR funds or when they can start withdrawing their cryptocurrency holdings, which remain frozen following the hack.

WazirX Grapples with Hack Consequences

This development follows WazirX’s decision to halt all withdrawals and trading activities after a massive hack in July. This move aimed to mitigate further damage and assess the best course of action for its customers. The exchange is now exploring a restructuring process under Singapore’s insolvency laws to address the shortfall in available crypto assets and meet its obligations to users.

WazirX suffered a significant breach resulting in a loss of approximately $235 million, making it the second-largest hack of a centralized exchange recently, surpassed only by the DMM Bitcoin exploit on May 31, where losses totaled $308 million.

For more updates and detailed news, stay tuned to Global Crypto News.

Post Views: 7