WazirX Announces Staged INR Withdrawal Plan Following Hack

WazirX, a leading crypto exchange in India, has said it will gradually restore the withdrawal of Indian Rupees. This comes after a major hack in July, which resulted in the suspension of withdrawal and trading. The exchange will remove the suspension in stages on August 26, 2024.

WazirX Users Allowed Partial INR Withdrawals

Starting on August 26, WazirX will enable users to withdraw up to 50% of their INR balances. This gradual process will remain in force until September 22, 2024, when the clients can withdraw 66% of their balances. This is after a review of the situation to ensure that the withdrawal process is as non-threatening as possible.

WazirX has reduced the withdrawal charges by 60% to just INR 10. This reduction alleviates users’ financial burden when withdrawing their funds. The exchange also wanted to reassure users that the INR reserves controlled by Zanmai Labs Pvt Ltd are safe.

About 34% of INR balances are frozen for investigations by law enforcement agencies. These funds are unrelated to Zanmai Labs’ wrongdoings, and Zanmai Labs is not under investigation. WazirX stated that the phased withdrawal plan only applies to 66% of the available funds.

The exchange has pledged to remain transparent and keep users informed as developments unfold. People have complained about frozen funds, but WazirX has stated they are contacting the authorities. The company is still working to ensure that it benefits its users in the best way possible.

WazirX Proposes Singapore Scheme for ERC-20 Assets

WazirX announced its decision to pursue a Scheme of Arrangement in Singapore to address the shortfall in ERC-20 token assets. This legal process will allow the company to propose a restructuring plan to distribute the remaining crypto assets equitably. The plan will require user approval and will only become effective with the necessary support.

The exchange will conduct polls and town halls to gather user feedback on the proposed restructuring. This approach ensures that the final plan aligns with user preferences and is legally binding. WazirX plans to apply to the High Court of Singapore to initiate the process.

WazirX believes this legal step is essential to provide the platform with the necessary time to implement the restructuring. The company remains committed to finding a fair solution for all users.