WazirX, one of India’s largest crypto exchanges, has provided a crucial update on the status of user withdrawals. It also outlined the next steps in tackling the hack fiasco. The July 18 attack, which saw hackers make off with $230 million worth of ERC-20 tokens, had forced the platform to suspend withdrawals and trading. However, the exchange will resume withdrawals next week, according to a latest release.
WazirX Offers Update On INR Withdrawals
In a move that will likely bring some relief to its users, the exchange has provided an update on the status of INR withdrawals, which have been frozen since the cyberattack. The platform has announced that starting from August 26, 2024, it will begin to lift the suspension on INR withdrawals in a phased manner.
This decision comes after a careful assessment of user feedback and the current situation. WazirX has assured its users that the INR reserves, managed by Zanmai Labs Pvt Ltd, the entity responsible for INR-related activities on the platform, remain secure.
However, the Indian crypto exchange has clarified that not all INR balances are currently available for withdrawal. Approximately 34% of these balances have been frozen by law enforcement agencies (LEAs) due to ongoing investigations into third-party entities.
These frozen funds are not linked to any wrongdoing by Zanmai Labs, which the exchange emphasizes is not a target of these investigations. To manage the withdrawal process effectively, the Indian exchange has outlined a phased approach:
- From August 26 to September 8, 2024: Users will be able to withdraw up to half of the available 66% of their INR balances.
- From September 9 to September 22, 2024: Users will be able to to withdraw the full 66% of their INR balances.
In addition to this phased withdrawal plan, WazirX has announced a reduction in withdrawal fees by 60%. This brings the fee down from INR 25 to INR 10. This fee reduction is intended to ease the withdrawal process for users as they regain access to their funds.
The post Just-In: WazirX To Open Withdrawals On August 26 appeared first on CoinGape.
Earn more PRC tokens by sharing this post. Copy and paste the URL below and share to friends, when they click and visit Parrot Coin website you earn: https://parrotcoin.net0
PRC Comment Policy
Your comments MUST BE constructive with vivid and clear suggestion relating to the post.
Your comments MUST NOT be less than 5 words.
Do NOT in any way copy/duplicate or transmit another members comment and paste to earn. Members who indulge themselves copying and duplicating comments, their earnings would be wiped out totally as a warning and Account deactivated if the user continue the act.
Parrot Coin does not pay for exclamatory comments Such as hahaha, nice one, wow, congrats, lmao, lol, etc are strictly forbidden and disallowed. Kindly adhere to this rule.
Constructive REPLY to comments is allowed