WazirX opens partial withdrawals for INR, reduces fees by 60%

Indian crypto exchange WazirX has re-launched INR withdrawals for “eligible users” and decreased withdrawal fees by 60%.

Cryptocurrency exchange WazirX, which recently suffered a multi-million dollar hacker attack, has begun the first phase of INR withdrawals.

In an X announcement, the Mumbai-headquartered trading platform said that starting from Aug. 26, all “eligible users” can withdraw “up to half of the available 66% limit of their INR balances,” implying that users can withdraw only 33% of their INR balances.

📢 INR Withdrawals Phase 1 Now Live

All eligible users can withdraw up to half of the available 66% limit of their INR balances.

We have also reduced withdrawal fees by 60% – from INR 25 to INR 10 to make this process easier for you. Thank you for your continued patience and… pic.twitter.com/SmIlWZJhwj

— WazirX: India Ka Bitcoin Exchange (@WazirXIndia) August 26, 2024

Additionally, the exchange has reduced withdrawal fees by 60%, from INR 25 (approximately $0.30) to INR 10 ($0.12), to simplify the withdrawal process for users. The phased INR withdrawal plan will run until Sept. 22.

Despite the partial reopening, WazirX has yet to clarify when users will have full access to their INR funds or when they can start withdrawing their cryptocurrency holdings, which remain frozen following the hack.

WazirX grapples with hack consequences

The development comes in the wake of WazirX’s decision to halt all withdrawals and trading activities after the massive hack in July, a move aimed at mitigating further damage and assessing the best course of action for its customers. As crypto.news reported earlier, the exchange is now exploring a restructuring process under Singapore’s insolvency laws as it seeks to address the shortfall in available crypto assets and meet its obligations to users.

WazirX suffered a significant breach resulting in a loss of approximately $235 million, making it the second-largest hack of a centralized exchange recently, surpassed only by the DMM Bitcoin exploit on May 31, where losses totaled $308 million.

Read more: WazirX shifts funds to new multisig wallets, cuts ties with Liminal after $230m hack

Source