WazirX Initiates Phased Recovery Plan Following $230 Million Hack
The post WazirX Initiates Phased Recovery Plan Following $230 Million Hack appeared on BitcoinEthereumNews.com.
TLDR: WazirX experienced a major security breach on July 18, resulting in losses over $230 million The exchange announced a restructuring plan and will allow phased INR withdrawals starting August 26 External parties are allegedly attempting to prolong WazirX’s restructuring efforts WazirX is pursuing legal proceedings in Singapore as part of its restructuring process Co-founder Nischal Shetty denies claims that remaining assets are gone and warns about fake accounts spreading misinformation Indian cryptocurrency exchange WazirX is taking steps to recover from a major security breach that occurred on July 18, 2024. The hack resulted in losses totaling over $230 million and led to the suspension of withdrawals and trading on the platform. In response, WazirX has announced a comprehensive restructuring plan aimed at stabilizing its operations and protecting user interests. The exchange plans to restart Indian Rupee (INR) withdrawals in phases beginning August 26. According to WazirX, Zanmai Labs Pvt Ltd, the operating entity for INR-related activities on the platform, was not affected by the hack and has sufficient reserves to cover all INR balances. However, due to ongoing disputes and legal investigations, 34% of the INR balances are currently frozen. In the first phase, ending on September 8, users will be able to withdraw half of the 66% limit. From September 9 to September 22, the exchange will allow users to withdraw the remaining half of the 66% limit. WazirX has also announced a 60% reduction in withdrawal fees to alleviate the financial burden on its users. The exchange stated that it does not have enough cryptocurrency to enable withdrawals at this time. WazirX is still exploring avenues to recover the stolen assets, including through bounty programs and other legal channels. The company acknowledges that these recovery efforts will take time and patience to deliver results. As part of…
Filed under: News - @ August 26, 2024 10:27 am