Hacked Crypto Exchange WazirX Users Will Be Able to Withdraw Their Frozen Funds
24.08.2024 15:00 1 min. read Kosta Gushterov
Crypto exchange WazirX, which was recently hit by a $230 million cyberattack, has announced that it will allow partial withdrawals in Indian Rupees (INR) starting from August 26.
Initially, users will be able to withdraw up to 66% of their funds in INR, with withdrawals being made in two phases. The first phase, from August 26 to September 8, will allow access to approximately half of the 66% limit, with the remainder available between September 9 and 22.
Zanmai Labs Pvt Ltd, the entity managing WazirX’s INR-related activities, was unaffected by the hack and reportedly has sufficient reserves to cover all user balances. However, about 34% of INR balances are currently frozen due to ongoing legal disputes and investigations by law enforcement agencies.
In response, WazirX is seeking legal assistance through the Singapore High Court and is considering a restructuring scheme to propose a debt restructuring plan that could be more beneficial to creditors than liquidation.
Following the attack, WazirX reduced its INR withdrawal fees from ₹25 to ₹10, although cryptocurrency withdrawals remain suspended due to asset shortages.
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