The post WazirX Users to Access 66% of INR Balances Amid $230M Cyber Attack Aftermath appeared on BitcoinEthereumNews.com.

The Indian cryptocurrency exchange WazirX has stated that it will start gradually returning INR withdrawals from August 26 after a hack on the exchange resulted in over $230 million being stolen from it on July 18. The complete phased recovery plan will permit user withdrawals of up to 66% of their INR balances, even as cryptocurrency withdrawals remain disabled due to the effects of the attack. 📢 Important Announcement About INR Withdrawals and Crypto Next Steps The last month has been a difficult time for users of the WazirX platform due to the cyberattack on 18 July 2024 and the subsequent suspension of withdrawals and trading to mitigate impact to the platform. We… pic.twitter.com/XdAr3V3TOp — WazirX: India Ka Bitcoin Exchange (@WazirXIndia) August 23, 2024 Phased INR Withdrawal Plan WazirX explained that INR withdrawals will be available in two stages. Starting August 26, users can withdraw up to fifty per cent of the current sixty-six per cent limit of their INR balances. The second window of the 66% guaranteed by the law of user’s balances will be open starting from September 9 till September 22. During this period, to help users, WazirX has also cut the withdrawal rates, which were earlier INR 25 now, to INR 10 after bringing down the rates to 60%. “We understand the frustration caused by the suspension of withdrawals and apologize for the inconvenience,” WazirX stated. “Our team has been working tirelessly to find a solution that best serves our users while ensuring the platform’s long-term stability.” Crypto Withdrawals are Still on Hold Although withdrawals on INR are expected to continue, WazirX has come out clearly stating that cryptocurrency withdrawals will remain closed for a while now. The exchange blamed the gross loss of ERC-20 tokens in the cyberattack as the main reason for its current…

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Filed under: News - @ August 24, 2024 5:15 am