WazirX an Indian cryptocurrency exchange firm has gone through a hard time because of a cyberattack on 18 July 2024. The report came after that speculated that North Korean hackers could be behind it. As soon as this incident took place company suspended all the withdrawals.
Now a new update has come from the company that talks about the INR balance withdrawals. As per the company, the suspension on withdrawals of INR balances will be lifted on 26 August 2024, and INR withdrawals will be enabled in phases. To make this withdrawal easier than before company says that it is reducing withdrawal fees by 60% – from INR 25 to INR 10.
Its operating entity for INR-related activities, Zanmai Labs Pvt Ltd (“Zanmai”), on the WazirX platform, was not affected by the cyberattack and has sufficient INR reserves to cover all INR user balances though all balances are not available for withdrawal. 34% of the INR balances are currently frozen while the rest is not available immediately. As a result of this, the user will be able to withdraw half of the ~66% limit of their INR balances from 26 August – 8 September 2024. From 9 – 22 September 2024, users will be able to withdraw up to the full ~66% limit of their INR balances.
