Indian cryptocurrency exchange WazirX has raised concerns about external factors that it claims are hindering its ongoing restructuring process. The exchange, which has been working on a phased plan to restore its financial operations following a significant hack, suggested that certain external parties might be prolonging the recovery process.
In a public statement on X (formerly Twitter), WazirX addressed the delays, noting that the restructuring plan is critical to improving the platform’s financial stability and enhancing the security of its users’ assets. Part of this plan includes the gradual reinstatement of Indian rupee withdrawals, which began on August 26, along with a 60% reduction in withdrawal fees to ease the financial burden on users.
WazirX’s restructuring efforts are not limited to financial recovery. The exchange is also pursuing legal proceedings in Singapore, where it has initiated a court-approved scheme of arrangements. This legal framework is intended to ensure that the asset distribution process following the hack is fair and adheres to legal standards.
The exchange suffered a major setback on July 18 when a multisignature wallet containing approximately $234 million in investor funds was compromised. In response to the breach, India’s Bharat Web3 Association has reiterated its commitment to enhancing cybersecurity measures within the crypto industry.
For further details, you can read the full article on Cointelegraph.
