Security hacks in crypto have become so routine that they hardly make headlines anymore.

WazirX, an Indian bitcoin exchange faced a cyberattack on July 18, 2024, leading to the suspension of withdrawals and trading. WazirX is initiating a Singapore Scheme of Arrangement, a legal process requiring user approval to fairly distribute remaining assets to address the impact on users' cryptocurrency balances.

WazirX announced that Cryptocurrency withdrawals are currently suspended due to insufficient assets to meet user liabilities following the attack. However, starting August 26, 2024, eligible users with INR balances will be able to withdraw up to 66% of their balances in phases.

From August 26 to September 8, users can withdraw half of this limit, and from September 9 to 22, they can withdraw the full 66%. The phased approach is due to the ongoing freeze on 34% of INR balances, resulting from investigations by law enforcement agencies. Once these funds are released, they will be made available for withdrawal.

WazirX stated that they are committed to keeping users informed and will actively seek their input throughout the resolution process to ensure it aligns with user preferences. The company also announced a 60% reduction in withdrawal fees to make the process easier for users.

https://app.nodo.xyz/poll/will-wazirx-allow-users-to-withdraw-their-funds-by-august-28-02