WazirX Imposes 66% Cap on INR Withdrawals Due to Insufficient Crypto Liquidity
Understanding WazirX's Withdrawal Cap
WazirX, a prominent cryptocurrency exchange in India, recently imposed a 66% cap on withdrawals in Indian Rupees (INR). This decision comes in the aftermath of a devastating hack in July that resulted in significant financial losses for investors.
Reasons Behind the Withdrawal Cap
- Liquidity Issues: The exchange reported insufficient crypto liquidity, necessitating limits on withdrawals.
- Security Measures: Implementing a phased timeline aims to enhance security during the withdrawal process.
Impact on Users
This temporary withdrawal cap may affect numerous users, restricting them from accessing their funds fully. WazirX assures clients that they are working diligently to restore normal operations as soon as feasible.
Future Considerations
Investors are encouraged to stay updated on WazirX's announcements regarding the status of withdrawals. The exchange aims to regain patron confidence while ensuring the safeguarding of funds.
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.