The suspension removal will be implemented in two phases, where from August 26-September 8, users will be able to withdraw up to half of the present 66% limit of their INR balances; and from September 9–22, users will be able to withdraw up to the full 66% limit of their INR balances.
To make it easier for more users to withdraw INR, the exchange will also reduce withdrawal fees by 60% – from Rs 25 to Rs 10.
Crypto Tracker
For resuming cryptocurrency withdrawals, WazirX said it will pursue a Singapore scheme of arrangement to facilitate an equitable and user-approved distribution of cryptocurrency assets.
The crypto platform has recently been hit by a breach concerning its multisig wallet, where it usually requires two or more private keys to authenticate and confirm transactions before they are processed. The losses due to the breach were as high as $230 million.
The exchange said a scheme is a necessary step to ensure that users of the platform are treated fairly and in line with user preferences so that the outcome remains legally binding on all relevant parties.Due to the cyberattack and loss of a significant balance of ERC-20 tokens as a result of the theft, there are insufficient token assets available to meet the liabilities arising from the token balances owing to users of the platform.”The nature of the cyberattack means that there will likely always be a mix of users who support and oppose various outcomes. The key to being able to resume cryptocurrency withdrawals in an equitable way is to do so as part of a legally binding solution agreed to and approved by users in line with legally defined voting thresholds,” the exchange said.
“While this legal process will be driven by us and our advisors, ultimately users will be able to vote on and approve a restructuring proposal before the Scheme is effective – this means that users will be kept updated on all material developments and your opinions understood via polls and town halls to ensure that the proposed restructuring captures what users want,” it said.
