WazirX, one of the largest crypto exchanges in India, has announced that it will facilitate the partial withdrawal of customer funds in Indian Rupees (INR) nearly one month after the $230 million hack. According to WazirX’s official announcement on August 23, customers will be able to access 66% of their funds starting from September 26.
Withdrawal Fee Reduced by 60%
The crypto exchange announced a 60% reduction in the withdrawal fees. As per the notification, the fee is reduced from ₹25 to ₹10. The platform’s decision to decrease the fee highlights WazirX’s efforts to simplify the withdrawal procedures for its customers.
34% INR Balances Remain Frozen
Zanmai Labs Pvt Ltd, the operating entity behind the INR-related activities on WazirX, is not affected by the hack. Though the platform holds sufficient INR reserves to cover all the INR user funds, they are not currently available completely. Thus, WazirX has decided to proceed with the withdrawal through multiple phases. The exchange has also revealed that 34% of the INR balances are frozen and not immediately available for withdrawal.
Two Stages of Withdrawal
Notably, the withdrawal will occur in two stages. Initially, the WazirX investors can withdraw up to half of the 66% of their INR balances from August 26 to September 8. The second stage starts from September 9 to 22, when the investors can withdraw the remaining INR balance of the mentioned 66%.
WazirX’s Restructuring Plan
The platform further asserted that it plans to file an application in the High Court of Singapore to ensure sufficient “time and breathing space it needs to pursue a restructuring under a Scheme of Arrangement.” WazirX considers a Singapore Scheme of Arrangement for an “equitable and user-approved distribution of crypto assets.”
WazirX Hacker Converts Stolen Funds to $206 Million Worth of ETH
$230 Million Hack
On July 18, the crypto economy witnessed one of the largest crypto hacks in India, with about $230 million stolen from WazirX. Multiple tokens, such as Ethereum (ETH), Shiba Inu (SHIB), Polygon (MATIC), etc., were stolen in the security breach. Reports stated that the incident was linked to the notorious Lazarus Group.
