WazirX Users Allowed Partial INR Withdrawals
Beginning August 26, WazirX intends to permit users to withdraw up to 50% of their INR balances. This phased strategy is designed to remain in effect until September 22, 2024, at which point clients will have the opportunity to withdraw 66% of their balances. This decision follows a thorough evaluation of the situation to ensure the withdrawal process is conducted in the most secure manner possible.
Moreover, WazirX has taken a significant step by slashing withdrawal fees by 60%, reducing them to a mere INR 10. This cost reduction is aimed at easing the financial burden on users seeking to retrieve their funds. In its efforts to reassure its clientele, the exchange has confirmed the safety of INR reserves managed by Zanmai Labs Pvt Ltd, indication a commitment to financial integrity and security.
Approximately 34% of INR balances remain inaccessible, frozen as part of investigations by law enforcement agencies. These funds are not implicated in any misconduct by Zanmai Labs, which itself is not under investigation. The structured withdrawal scheme is applicable only to 66% of the funds that are available for withdrawal, reflecting a cautious approach to resolving the situation.
In keeping with its promise of transparency, WazirX has pledged to maintain open lines of communication with its users, addressing concerns and providing updates on relevant developments. Despite the challenges posed by frozen funds, the exchange asserts its dedication to engaging with authorities and upholding the interests of its user base.
WazirX Proposes Singapore Scheme for ERC-20 Assets
In another strategic move, WazirX has announced its intention to pursue a Scheme of Arrangement in Singapore aimed at addressing the deficits in ERC-20 token assets. This legal maneuver will enable the company to propose a structured plan for the equitable distribution of remaining crypto assets among its users. The effectiveness of this plan hinges on user approval, underscoring the company’s commitment to involving its community in critical decisions.
The exchange plans to leverage polls and town halls as forums for collecting user feedback on the proposed restructuring plan. This proactive approach ensures that the final scheme is reflective of user preferences while being legally enforceable. WazirX’s application to the High Court of Singapore to initiate this process is a testament to the company’s earnest efforts to forge a path to recovery and fairness.
Through these initiatives, WazirX not only seeks to navigate its way out of the aftermath of the hack but also to establish a benchmark for transparency and user involvement in the cryptocurrency exchange landscape. By actively seeking a fair solution for all stakeholders involved, the exchange underscores its resilience and dedication to its users in the face of adversity.
In conclusion, the phased resumption of INR withdrawals and the proposal of a legal scheme in Singapore represent crucial steps by WazirX towards normalizing operations and rectifying the disruptions caused by the July hack. These measures reflect the exchange's commitment to transparency, security, and fair dealing, cornerstones of trust in the digital asset exchange sector.
