WazirX Opens INR Withdrawals: Users Access 66 Percent of Funds Post-Hack
WazirX Opens INR Withdrawals for Users
WazirX opens INR balance withdrawals, allowing users to access 66 percent of their cryptocurrency funds. Following the hack that compromised over $230 million, the Indian crypto exchange is now resuming services. Customers can withdraw up to half of their accessible INR amounts initially.
Withdrawal Process and Limitations
- From August 26 to September 8, users can withdraw 33 percent of their funds.
- From September 9 to September 22, users access the full 66 percent.
- Due to ongoing investigations, 34 percent of balances remain frozen.
The exchange has confirmed that sufficient INR reserves exist, yet access is limited amidst ongoing disputes.
User Concerns and Systematic Issues
WazirX serves over 16 million users, many of whom face financial challenges. While INR withdrawals are operational, some struggle to access funds, with reports highlighting issues during attempted transactions.
Future Directions for WazirX
WazirX plans to pursue a financial restructuring in Singapore, introducing a Scheme of Arrangement to restructure debts. This move aims to enhance creditor recovery options within the existing regulatory framework, ensuring legal compliance while addressing outstanding financial concerns.
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.