WazirX Announces Reopening of INR Withdrawals Post-Hack

• The platform had to halt trading and withdrawals after hackers stole $230M worth of tokens.
• The exchange will start to remove the ban on INR withdrawals beginning on August 26, 2024.

An important update on the status of customer withdrawals has been released by WazirX , one of the biggest cryptocurrency exchanges in India. It also detailed what would happen next after the hack disaster was addressed. After hackers stole $230 million worth of ERC-20 tokens in an incident on July 18, the platform had to halt trading and withdrawals. But next week, the exchange will allow withdrawals again, as stated in their most recent announcement.

After a period of inactivity due to the WazirX hack, the exchange has chosen to restore the ability to withdraw INR, which is sure to be a relief for its customers. In a gradual process, the platform will start to remove the ban on INR withdrawals beginning on August 26, 2024.

Gradual Withdrawal Process 

Moreover, a thorough evaluation of user input and the present circumstances led to this choice. Also, the INR reserves, which are overseen by Zanmai Labs Pvt Ltd, are safe, according to WazirX.

The Indian cryptocurrency exchange did, however, clarify that withdrawals are not yet possible for all INR amounts. Law enforcement agencies (LEAs) have frozen about 34% of these balances as a result of ongoing investigations against third-party companies.

The blocked money has nothing to do with Zanmai Labs , which the exchange wants you to know isn’t the focus of these probes. It has laid out a stepwise strategy to withdrawal management.

Users will have the opportunity to withdraw a maximum of 50% of their INR holdings between August 26, 2024, and September 8, 2024. The complete 66% of users’ INR balances will be available for withdrawal from September 9th to September 22nd, 2024.

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