WazirX Imposes 66% Cap on INR Withdrawals Due to Insufficient Crypto Liquidity

Friday, 23 August 2024, 13:23

WazirX has announced a 66% cap on INR withdrawals as the crypto exchange faces liquidity issues. Following a significant July hack that cost investors $234 million, WazirX is implementing a phased approach to resume full withdrawals. The limitations aim to ensure safer transactions and restore user confidence in the platform.
LivaRava_Finance_Default_1.png
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.


Related posts


Newsletter

Get the most reliable and up-to-date financial news with our curated selections. Subscribe to our newsletter for convenient access and enhance your analytical work effortlessly.

Subscribe