WazirX to Reopen INR Withdrawals Starting August 26, Caps Limit at 66%

WazirX, a prominent cryptocurrency exchange, has announced that it will lift the complete suspension on INR balance withdrawals beginning August 26, 2024. However, withdrawals will initially be capped at 66% of users’ INR balances. This decision marks a significant move towards restoring normal operations following recent security breaches.

The resumption of withdrawals will occur in two phases. From August 26 to September 8, users will be permitted to withdraw up to 33% of their total INR balance, which is half of the 66% cap. Starting September 9, the limit will increase to the full 66% of their INR balances. This phased approach is designed to ensure a smooth transition and maintain fair access for all users.

The decision comes in the wake of a major security incident involving WazirX’s multisig wallet, which typically requires multiple private keys to authorize transactions. The breach, which saw losses estimated at around $230 million, led to the temporary suspension of withdrawals to protect user funds and stabilize the platform.

In response to the breach, WazirX has implemented several measures to bolster security and prevent future incidents. The partial resumption of INR withdrawals is part of the platform’s broader strategy to regain user trust and ensure that funds are handled responsibly. The phased withdrawal process reflects the exchange’s commitment to addressing user concerns and adjusting to new security protocols.

The crypto exchange industry has faced increasing scrutiny over security practices in recent years, and WazirX’s latest move underscores the importance of robust security measures and transparent communication with users. As the situation evolves, WazirX has promised to provide ongoing updates and support to its user base.

The reopening of INR withdrawals is expected to offer some relief to users who have been waiting to access their funds. WazirX’s proactive steps are part of its effort to restore full functionality and confidence in its services after the recent breach.