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WazirX, India’s leading cryptocurrency exchange, has had a challenging month following a major hack. However, the platform is starting to recover, now allowing withdrawals in INR, much to the relief of users who have been anxiously waiting to access their funds.

Despite this positive development, a critical question remains: When will cryptocurrency withdrawals be restored?

INR Withdrawals Reopened with Lower Fees

In its latest update, WazirX announced that users eligible for withdrawals can now redeem up to 50% of the 66% limit set for the first phase of its recovery plan. To further assist users, WazirX has reduced withdrawal fees by 60%, lowering them from INR 25 to INR 10. This fee cut aims to mitigate some of the financial impact users have faced due to the platform’s temporary service interruption.

Crypto Withdrawals Still Suspended

While INR withdrawals are a step forward, the suspension of cryptocurrency withdrawals remains a significant concern for WazirX users. The exchange has yet to provide a specific timeline for when crypto withdrawals will resume, leaving many users uneasy about the safety of their funds.

Hack Details and Impact

On July 18, 2024, WazirX was hit by a cyberattack that resulted in a loss exceeding $230 million. The company had to suspend both INR and crypto withdrawals to manage the financial damage effectively. Since the attack, WazirX has been working under intense pressure to restore its services and regain user trust.

Ongoing Uncertainty

While the reopening of INR withdrawals marks a notable recovery milestone, the lack of clarity regarding crypto withdrawals continues to unsettle users.

Also Check Out: Crypto Hack Weekly Report: Whale Loses $55M, McDonald’s Scammed, WazirX Recovers

The road to recovery for WazirX is ongoing. The resumption of INR withdrawals is a positive step, but the crypto community remains eager to see the platform fully operational once again.

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