WazirX Sets 66% Cap on INR Withdrawals as Crypto Faces Insufficient Measures
WazirX’s 66% Withdrawal Cap Explained
WazirX has implemented a 66% cap on INR withdrawals, citing insufficient safeguards following a significant hack in July that compromised $234 million in investor funds. The exchange is now navigating the complexities of rebuilding trust.
Withdrawal Reintroduction Timeline
The company has outlined a phased timeline to gradually restore withdrawal capabilities. This decision aims to enhance security measures and safeguard user investments in a volatile market environment.
Implications for Investors
For investors, this move emphasizes the importance of security in cryptocurrency transactions. Understanding WazirX's approach to risk management is crucial for those looking to navigate the crypto landscape effectively.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.