The suspension removal 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 balances; and from September 9 to September 22, users will be able to withdraw up to the full limit of 66% 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.
Cryptocurrency Tracker
To resume cryptocurrency withdrawalsWazirX said it will seek a plan of arrangement in Singapore to facilitate equitable and user-approved distribution of cryptocurrency assets.The cryptocurrency platform has recently been hit by a breach related to its multisignature walletwhere two or more private keys are typically required to authenticate and confirm transactions before they are processed. Losses due to the breach were as high as $230 million. The exchange said a plan is a necessary step to ensure that platform users 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 the loss of a significant balance of ERC-20 tokens as a result of the theft, there are not enough token assets available to meet obligations arising from token balances owed to platform users. “The nature of the cyberattack means that there will likely always be a mix of users supporting and opposing various outcomes. The key to being able to resume cryptocurrency withdrawals in an equitable manner is to do so as part of a legally binding solution agreed upon and approved by users in accordance 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 Plan comes into effect; this means that users will be kept up to date on all material developments and their views will be understood through surveys and town hall meetings to ensure that the proposed restructuring captures what users want,” he said.
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