WazirX Cryptocurrency Exchange Announces Partial INR Withdrawals Amid Cybersecurity Issues
WazirX's INR Withdrawal Update
On August 23, WazirX, a leading cryptocurrency exchange, revealed it would permit INR balance withdrawals commencing August 26. Customers will now be able to access 66 percent of their funds on the platform. Additionally, the platform is lowering INR withdrawal fees by 60 percent, from ₹25 to ₹10.
Cybersecurity Concerns
Despite the optimistic outlook of resumed withdrawals, cryptocurrency withdrawals remain suspended due to the exchange's ongoing issues with insufficient token assets. This follows a recent significant hacking incident that compromised one of WazirX's multisig wallets, resulting in the loss of $230 million in digital assets.
The Implications for the Indian Crypto Market
- The WazirX incident highlights ongoing cybersecurity threats in the crypto market.
- As regulatory pressures increase, exchanges need to bolster their crypto security measures.
- Investors are urged to stay updated via crypto news outlets.
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.