India Crypto Exchange WazirX to Resume Withdrawals Next Week

WazirX, one of India's leading cryptocurrency exchanges, has announced a key update regarding user withdrawals and its response to the recent cyberattack.

The platform, which suffered a significant breach on July 18 resulting in the theft of $230 million in ERC-20 tokens, had previously suspended all withdrawals and trading. According to the latest update, WazirX plans to begin resuming INR withdrawals next week.

Starting August 26, 2024, WazirX will gradually lift the suspension on INR withdrawals. This phased approach follows a careful evaluation of user feedback and the current situation. The exchange has assured users that the INR reserves, managed by Zanmai Labs Pvt Ltd, remain secure.

However, WazirX has clarified that not all INR balances will be available immediately. Approximately 34% of these funds are frozen due to ongoing investigations by law enforcement agencies, but these frozen amounts are not linked to any actions by Zanmai Labs, which is not a target of the investigations.

From August 26 to September 8, 2024, users will be able to withdraw up to half of the available 66% of their INR balances. Between September 9 and September 22, 2024, users will then be able to withdraw the full 66% of their INR balances.

Additionally, WazirX is reducing its withdrawal fees by 60%, lowering them from INR 25 to INR 10 to ease the withdrawal process as users regain access to their funds.