The lifting of the suspension will be implemented in two phases – from August 26 to September 8, users will be able to withdraw up to half of the current limit of 66% of their INR balance, and from September 9 to 22, users will be able to withdraw up to the full limit of 66% of their INR balance.
To make it easier for more users to withdraw INR, the exchange will also reduce withdrawal fees by 60% to Rs 10 from Rs 25.
Crypto Tracker
WazirX said it would pursue the Singapore Accord framework, which facilitates fair and user-approved distribution of crypto assets, to resume crypto withdrawals.The cryptocurrency platform recently suffered a breach involving its multi-sig wallets, which typically require two or more private keys to authenticate and verify a transaction before it can be processed. The breach caused losses of $230 million. The exchange said the scheme is a necessary step to ensure that users of the platform are treated fairly and in line with their preferences, and that the outcome is legally binding for all parties. As a result of the cyberattack and theft, significant balances of ERC-20 tokens were lost, and the platform does not have sufficient token assets to repay the debts arising from token balances owed to users of the platform. “Due to the nature of cyberattacks, there may always be a mix of users who support and oppose different outcomes. The key to being able to resume cryptocurrency withdrawals in a fair manner is to do so as part of a legally binding resolution agreed and approved by users in line with legally defined voting thresholds,” the exchange said.
“This legal process will be driven by us and our advisors but ultimately, our users will have the opportunity to vote and approve the proposed restructuring before the scheme comes into effect. This means that users will be kept up to date on all significant developments, understand their views through polls and town hall meetings, and ensure that the proposed restructuring captures their wishes,” it said.
