WazirX INR Withdrawals Started! But When Will Crypto Withdrawals Resume?

The post WazirX INR Withdrawals Started! But When Will Crypto Withdrawals Resume? appeared first on Coinpedia Fintech News

WazirX, India’s largest cryptocurrency exchange, has been through a turbulent month after becoming a victim of a hack attack last month, but it is now showing signs of coming back strong with the platform now enabling withdrawals in INR. This is considered favourable by users who have been anxious about getting access to their funds. However, the big question still looms: When is the withdrawal of cryptocurrency going to be restored?

In its latest update on INR, WazirX declared that the users who are eligible for withdrawal can redeem up to 50% of the 66% available limit for the first phase of their recovery plan. In a bid to make transactions even easier for the users, WazirX has also decided to cut the withdrawal fees by 60%, thus lowering it from INR 25 to INR 10. This is to help subdue some of the impact incurred by users due to the temporary breakout of service by this platform.

However, the adverse effect of this advancement is the suspension of cryptocurrencies on the platform, and withdrawal of this has not yet been allowed, which makes the WazirX user base feel a bit uneasy. The exchange still has not given a specific timeframe as to when crypto withdrawals will be enabled and its users are concerned about the security of their funds.

Wazirx was attacked on July 18, 2024, which led to a loss of more than $230 million. The company was compelled to suspend INR withdrawal and crypto at the same time to mitigate the revenue loss. 

Since then the exchange has been under pressure to reopen and get their users to trust the exchange again. Even though the start of INR withdrawals has been a significant breakthrough, suspended crypto withdrawals are still a concern to crypto users.

As the entire crypto space continues to observe, the current question turns to when WazirX will reopen crypto withdrawal.

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