Indian cryptocurrency exchange WazirX has recently expressed concerns about external parties attempting to prolong its restructuring process for their own benefits. These parties, who are not invested in the platform, are said to be creating and maintaining uncertainty rather than seeking a resolution to the current situation.
Following a major security breach on July 18 that led to losses of over $230 million, WazirX announced a comprehensive restructuring plan. The exchange emphasized that restructuring is the most expedient and legally sound approach to address the issue at hand, and it is also in the best interest of its users who are still unable to access their funds.
In a blog post released on Friday, WazirX revealed plans to restart INR withdrawals in phases starting on Aug. 26. Despite the security breach, the operating entity for INR-related activities on the platform, Zanmai Labs Pvt Ltd, was not affected and has enough reserves to cover all INR balances. However, 34% of the INR balances are currently frozen due to ongoing disputes and legal investigations.
During the withdrawal resumption process, WazirX has outlined two phases. In the first phase ending on Sept. 8, users will be allowed to withdraw half of the 66% limit. From Sept. 9 to Sept. 22, users can withdraw the remaining half of the 66% limit. The exchange mentioned that it does not have enough cryptocurrency at the moment to enable withdrawals and is actively exploring avenues to recover the stolen assets.
WazirX stated that it is exploring various methods to recover the stolen assets, including utilizing bounty programs and other legal channels. The exchange’s primary goal is to assist users in recovering as much as possible while enhancing value. However, it emphasized that these recovery efforts will require time and patience to yield results.
Despite the challenges faced by WazirX, the exchange remains committed to resolving the security breach and ensuring that users can access their funds securely. The ongoing restructuring efforts signify a proactive approach taken by WazirX to address the issue swiftly and transparently, prioritizing the interests of its users above all else.
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