Indian WazirX exchange has pledged to resolve INR withdrawals within two weeks and has expressed its commitment to the 34% of user funds that have been suspended.
WazirX exchange, an Indian cryptocurrency platform, has initiated the initial segment of INR withdrawals, granting users access to half the available 66% balances. The exchange will attempt to resolve the total user balances within two weeks while demonstrating its dedication to the frozen 34%. To date, the crypto exchange’s actions have been the subject of ongoing scrutiny by digital asset users.
WazirX Exchange is anticipating a two-week timeline
WazirX exchange reinstated INR withdrawals on August 26, granting users access to 33% of their INR balances in the initial phase. Users inquired why they were limited to half of the available balance and the potential timeline for achieving it, although this followed a previous announcement. In a post on X (formerly Twitter), Nischal Shetty, the platform’s co-founder, stated that the initial phase has been implemented, with the subsequent phase scheduled to commence in two weeks.
“We have enabled 33% of the withdrawals; the remaining 33% will be available shortly.” We strive to complete the task within two weeks, but we will try to expedite the process. Banking restrictions and other factors require significant time to transfer substantial sums of money. We are also making a concerted effort to expedite the resolution of the suspended 34% of INR.
He observed that the company seeks to resolve the 34% frozen INR balances, underscoring the challenges of numerous moving parts without specifics from courts and institutions. The crypto exchange has been the subject of media attention due to the significant hacking incident that resulted in substantial losses. WazirX is committed to providing the community with the most recent information regarding the incident.
The platform has announced a reduction in fees
A 60% fee reduction was declared for the initial phase of INR withdrawals to assist users and facilitate the process. In the aftermath of the breach, WazirX previously announced the withdrawal of INR balances in phases. Users expressed diverse opinions on the phased implementation, although a large section praised the reduction in withdrawal fees.
Shetty clarified that the exchange was compelled to suspend withdrawals due to INR freezes in response to inquiries regarding the breach. He expressed confidence in the potential for regulations to provide relief while emphasizing the challenging circumstances.
