WazirX opens partial withdrawals for INR, reduces fees by 60%

Indian cryptocurrency exchange WazirX has resumed INR withdrawals for “eligible users” and reduced withdrawal fees by 60%.

Cryptocurrency exchange WazirX, which was recently subjected to a multimillion-dollar hacker attack, has started the first phase of INR withdrawals.

In its X announcement, the Mumbai-based trading platform said that from August 26, all “eligible users” will be able to withdraw “up to half of the current limit of 66% of their INR balance”, which means users will be able to withdraw only 33% of their INR balance.

📢 INR Withdrawal Phase 1 Now Live

All eligible users can withdraw up to half of their INR balance out of the available limit of 66%.

Also, to make this process easier for you, we have reduced the withdrawal fees by 60% – from INR 25 to INR 10. Thank you for your patience and… picture.twitter.com/SmIlWZJhwj

— WazirX: India Ka Bitcoin Exchange (@WazirXIndia) August 26, 2024

Additionally, the exchange has reduced withdrawal fees by 60% from INR 25 (approximately $0.30) to INR 10 ($0.12) to simplify the withdrawal process for users. The phased INR withdrawal plan will continue until September 22.

Despite the partial reopening, WazirX has yet to reveal when users will have full access to their INR funds or when they will be able to begin withdrawing cryptocurrency assets that were frozen following the attack.

WazirX grapples with hacking fallout

The development comes after WazirX decided to halt all withdrawals and trading activities following the massive hack in July, a move aimed at mitigating further damage and assessing the best course of action for its customers. As Crypto.news previously reported, the exchange is currently exploring a restructuring process under Singapore’s insolvency laws to close the gap in its available crypto assets and meet its obligations to users.

WazirX suffered a major security breach that resulted in losses of approximately $235 million, making it the second-largest attack on a centralized exchange in recent times, followed only by the DMM Bitcoin breach on May 31 that resulted in losses of $308 million.