WazirX wallet hack: Crypto exchange to allow withdrawal of INR balance from August 26

WazirX INR withdrawals: After suspending all withdrawals on the exchange post a wallet breach that accounted for Rs 1,800 crore in losses to WazirX, the exchange has announced that it is lifting the suspension on INR withdrawals from August 26th. 

In a recent blog post, shared by the official X handle of the exchange, the exchange has also reduced the withdrawal fees for the users by 60 per cent, from Rs 25 to Rs 10, to facilitate the withdrawals. 

However, the crypto exchange also informed the users that around 34 per cent of the exchange’s INR balances are currently frozen due to ‘certain investigations’ and not available for withdrawals. 

Because of these frozen funds, users will be able to withdraw only 66 per cent of their total INR balances in a phased manner. 

“While the operating entity for INR-related activities, Zanmai Labs Pvt Ltd (“Zanmai”), on the WazirX platform was not affected by the cyberattack and has sufficient INR reserves to cover all INR user balances, not all of these balances are currently available for withdrawal. Due to ongoing disputes, and certain investigations by various law enforcement agencies (“LEAs”) which is assisting with (and it is not a target of such investigations), ~34 per cent of INR balances are currently frozen and are not immediately available for withdrawal,” WazirX wrote in the blog post. 

As per the blog post, from August 26 to September 8, users will be able to withdraw half of their 66 per cent of INR balances and from September 9 to September 22, users will be allowed to withdraw the rest half of the 66 per cent of INR balances. 

Assuring the customers about not being the target of any investigations, WazirX wrote, “All INR balances remain secure and will be made available for withdrawal once the respective investigations and disputes are concluded.”