- Indian cryptocurrency exchange WazirX has initiated the long-anticipated process of INR withdrawals following a significant cyberattack.
- Eligible users can now withdraw a maximum of 33% of their INR balances, with the aim of gradually restoring full access to funds.
- Nischal Shetty, co-founder of WazirX, expressed his regret over the delays, emphasizing the complexity of the recovery efforts and promising to consider user feedback on future phases.
This article discusses WazirX’s recent INR withdrawal launch and the implications for users following a major cyber incident.
WazirX Resumes INR Withdrawals After Security Breach
In a notable development within the cryptocurrency sector, WazirX has announced the commencement of the first phase of INR withdrawals. This rollout allows eligible users access to up to 33% of their INR balances as the exchange grapples with the aftermath of a cyberattack that impacted over $230 million in user funds. This decision marks a crucial step for WazirX, aiming to enhance transparency and restore user confidence.
Phased Withdrawal Process Explained
The phased approach to withdrawals is structured meticulously. Withdrawals will occur in two distinct phases: From August 26 to September 8, users can access up to half of the 66% availability of their INR balances. The complete withdrawal limit will only take effect from September 9 to September 22. Furthermore, transaction fees have been adjusted, reduced from INR 25 to INR 10, reflecting the exchange’s commitment to supporting its users during this critical time.
Nischal Shetty Addresses User Concerns
In response to considerable user discontent regarding the withdrawal limitations and technical hitches encountered during the process, WazirX co-founder Nischal Shetty publicly acknowledged the frustrations. He clarified that the extended timeline for the first phase was due to extensive internal checks and security tests aimed at safeguarding users’ assets during the recovery process. Shetty’s message on social media highlighted the team’s dedication to addressing user frustration and the complexities involved in expediting subsequent withdrawal phases.
User Feedback and Ongoing Issues
Social media platforms have seen an influx of user remarks calling for WazirX to hasten the pace of both INR and cryptocurrency withdrawal implementations. Users have expressed significant concern, particularly regarding the limitation of accessing only a portion of their funds. Moreover, reports of technical errors preventing users from completing their transactions have compounded the dissatisfaction felt within the community. Such feedback highlights the urgency for WazirX to not merely implement changes but also to reinforce its technical support infrastructure.
Conclusion
As WazirX begins to navigate the long recovery road following a substantial security breach, the phased rollout of INR withdrawals marks a significant step. While it aims to alleviate some immediate user concerns by enabling partial access to funds, the path ahead remains steeped in user apprehension and operational challenges. Moving forward, the exchange will need to prioritize both the security of assets and the restoration of user trust to foster long-term engagement and recovery.
