Indian cryptocurrency exchange WazirX has announced that it is fast-tracking the second phase of INR withdrawals following the July 18 cyberattack that led to the theft of over $230 million in cryptocurrency. On Tuesday, the exchange posted on social media platform X, informing users that they could now access up to 66% of their INR balances, ahead of the originally scheduled date of September 9. This move comes as users express growing frustration over the freeze on crypto withdrawals.
“Starting today, all eligible users can now withdraw up to the full 66% limit of their INR balances,” the exchange said in the post. WazirX has expedited the process to provide quicker access to funds as it continues its post-hack restructuring efforts.
Following the cyberattack, WazirX filed for a moratorium in Singapore’s High Court under the Insolvency, Restructuring, and Dissolution Act. The exchange is seeking a 30-day relief period to reorganize its liabilities through a scheme of arrangement.
Six-Month Wait for Crypto Trading
Despite the progress with INR withdrawals, WazirX users face a significant delay in resuming crypto trading. During a virtual town hall conference on Monday, WazirX provided little clarity on when users could trade cryptocurrency again. According to X user Budhil Vyas, who summarized the meeting, WazirX informed attendees that crypto trading would not resume for at least six months.
“When asked about when people can trade crypto again, they said ‘Not for at least 6 months.’ They asked for a 6-month pause in Singapore to fix things. This is bad news for people who want their money,” Vyas wrote.
The exchange’s communication during the meeting frustrated many users, as WazirX failed to address key concerns and disabled comments during the session, instructing users to email their inquiries instead. Additionally, questions about legal costs and the fate of user funds remained unanswered.
Meanwhile, suspicious activity surrounding the WazirX hack continues, with $6.3 million linked to the hack being moved to Tornado Cash, raising further concerns about the exchange’s transparency and security.
As WazirX accelerates withdrawals but delays crypto trading, the question remains whether users will regain their trust in the platform.
Source: bitcoin.com
More Related News :Qerra NewsÂ
