WazirX Exchange to Gradually Reopen INR Withdrawals Following Recent Hack
WazirX, one of the popular Indian crypto exchanges, is slowly recovering from a recent security breach that compromised user accounts and funds. In the aftermath of the hack, the exchange has announced that it will be reopening Indian Rupee (INR) withdrawals but in a phased manner.
Yesterday, we reported that the security breach took place on Wazirx exchange earlier this month, resulting in unauthorised access to user accounts and the theft of funds. The incident sent shockwaves through the Indian crypto community, raising concerns about the security measures in place at major exchanges. Due to delays in making a final decision, WazirX customers have shown significant dissatisfaction with the WazirX team.
On 23 Aug 2024, WazirX exchange announced that INR withdrawals will be reopened in phases. This approach is designed to ensure a smooth and secure process for users who wish to access their funds. The phased reopening will allow the exchange to closely monitor transactions and address any potential issues that may arise during the process.
In the first phase, WazirX will prioritise users with urgent withdrawal requests, particularly those who have been significantly affected by the hack. In the later phases, they will allow the broader user base to withdraw their funds. WazirX has also stated that they will implement enhanced security measures to protect users’ funds during the withdrawal process.
The WazirX team confirmed that they currently have a sufficient amount of bank balance to compensate for the customers’ losses, but they’re not able to access all the funds. A significant amount of the bank balance is currently frozen and not immediately available for withdrawal, due to ongoing disputes and certain investigations by various law enforcement agencies (LEAs). WazirX is assisting with these investigations, and it is not a target of such investigations.
Read also: Avalanche (AVAX) pumps 30% as Grayscale unveils AVAX investment trust
