The lifting of the suspension will be implemented in two phases, where from August 26-September 8, users will be able to withdraw up to half of the current 66% limit of their INR balance; And from September 9-22, users will be able to withdraw up to the full 66% limit of their INR balance.
To make it easier for more users to withdraw INR, the exchange will reduce withdrawal fees by 60% – from Rs. 25 to Rs. 10.
To resume cryptocurrency withdrawals, WazirX said it will follow Singapore’s arrangements to facilitate equitable and user-approved distribution of cryptocurrency assets.
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The crypto platform has recently been hit by a breach related to its multisig wallet, where it typically requires two or more private keys to authenticate and confirm transactions before they can be processed. Damages due to the breach were as high as $230 million.
The exchange said a scheme is an essential step to ensure that users of the platform are treated fairly and in line with user preferences so that the outcome is legally binding on all parties concerned.
Due to significant balance loss of ERC-20 tokens as a result of cyber attacks and theft, there are insufficient token assets available to meet the liabilities arising from the token balance due to users of the platform.
“The nature of cyberattacks means that there will always be a mix of users who support and oppose different outcomes. The key to being able to resume withdrawal of cryptocurrencies fairly is to do so as part of a legally binding solution and to be approved by users who conform to legally defined voting thresholds. comes,” the exchange said.
“While this legal process will be run by us and our advisers, ultimately users will be able to vote and approve the restructuring proposal before the scheme takes effect – this means users will be kept updated on all material developments and your views on the proposed restructuring. polls and town halls to ensure users get what they want,” it said.
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