WazirX Announces Phased Resumption of Fiat Withdrawals Post-Cyberattack
Details of the Phased Withdrawal Plan
The phased withdrawal strategy is designed to provide relief to users while maintaining the integrity of ongoing investigations. Specifically, in the initial phase, from August 26 to September 8, users will be able to withdraw up to 50% of 66% of their Indian Rupee (INR) balances. Then, the subsequent phase, from September 9 to September 22, will allow withdrawals of the remaining 50% of the 66% limit.
Legal Restructuring and User Involvement
In response to the financial shortfall caused by the cyberattack, WazirX is also pursuing a legal restructuring plan. The exchange has chosen to implement a Singapore Scheme of Arrangement, which involves proposing a restructuring plan to its users, subject to the approval of creditors and the Singapore High Court.
Rebuilding Trust and Ensuring Fair Outcomes
The decision to resume INR withdrawals marks a crucial step in WazirX’s efforts to stabilize its operations and restore user confidence. By committing to keep users informed and involved, the exchange aims to foster a collaborative environment and prioritize fair outcomes for all parties impacted by the cyberattack.
As the crypto community continues to navigate the complexities of security and legal challenges, the developments at WazirX will likely serve as a significant case study. For more insights into the evolving landscape of cryptocurrency regulations and security, visit our detailed analysis on navigating the legal maze of crypto recruitment post-FTX collapse.
For further updates on this developing story, keep an eye on our latest press releases and market reports.
