WazirX Imposes 66% Withdrawal Cap Amid Insufficient Crypto Funds
WazirX Withdrawal Cap Explained
In response to the July security breach that led to the loss of $234 million in user funds, WazirX has limited INR withdrawals to 66%. This decision comes as the exchange grapples with rebuilding trust and managing the fallout from the incident.
Phased Withdrawal Timeline
The exchange has laid out a planned approach to restore full withdrawal capabilities. The timeline indicates that complete functionality may only be possible as the platform enhances security and liquidity ratios.
- Insufficient crypto funds have prompted this measure.
- Users can expect gradual updates regarding their account statuses.
- Security features are under significant review.
Implications for Users
This restriction raises critical concerns about the safety of funds within the platform.
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.