- WazirX launches Phase 1 of INR withdrawals, allowing users to access up to 66% of their balances with reduced fees.
- CEO Nischal Shetty assures expedited efforts for Phase 2 of INR withdrawals, while legal avenues are pursued to recover stolen assets.
- WazirX continues to work on solutions for both INR and crypto balances, despite external challenges, focusing on user recovery.
WazirX has taken steps to address issues stemming from a cyberattack on July 18, 2024. Notably, the platform announced the commencement of Phase 1 of INR withdrawals, allowing eligible users to access up to half of their available 66% INR balance.Â
The announcement came after weeks of suspension of withdrawals and trading aimed at mitigating the impact of the attack. The withdrawal fees have also been reduced by 60%, from INR 25 to INR 10, further easing the process for affected users.
Apologies and Expedited Plans from WazirX’s CEO
Nischal Shetty, CEO of WazirX, publicly apologized for the delays and provided an update on social media. He acknowledged that Phase 1 was delayed due to extensive checks and tests but is now live. Addressing user feedback, Shetty reassured users that the team is working diligently to expedite Phase 2, although no definitive timelines were provided.Â
The WazirX team is dedicated to addressing user concerns and is actively working to ensure a swift resolution. Shetty emphasized the team’s commitment to resolving these challenges, reinforcing that they are listening to user feedback and adjusting accordingly.
Addressing Crypto Balances and Recovery Efforts
In addition to INR withdrawals, WazirX highlighted plans to address cryptocurrency balances. The company is exploring various legal avenues and bounty programs to recover stolen assets. These efforts are ongoing, as WazirX continues to work with its partners to optimize recovery for users. The platform remains focused on identifying and implementing solutions that allow users to regain access to their cryptocurrency balances.
Moving Forward Despite External Challenges
WazirX stressed that while they are pursuing legal and technical solutions, external parties may seek to prolong the recovery process. The company remains committed to resolving the situation as quickly as possible.
Despite these challenges, WazirX’s primary objective remains to assist users in recovering their assets while enhancing value through potential future developments. The platform assured users that recovery efforts are underway and will continue until the best possible outcome is achieved.
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