The crypto exchange did not provide a timeline on when crypto withdrawals might resume, citing legal issues.
India-based cryptocurrency exchange WazirX has set up a timeline to reintroduce withdrawals following a hack that caused the loss of $234 million in investor funds.
In an Aug. 23 notice, WazirX said the suspension of withdrawals for user balances in Indian rupees (INR) would be lifted in phases starting on Aug. 26. Setting a withdrawal limit of 66% of users’ INR funds, the exchange said its customers would be able to remove up to half the limit from Aug. 26 to Sept. 8, and the remainder from Sept. 9 to Sept. 22.
WazirX did not provide a timeframe for withdrawing crypto balances from the exchange, citing “insufficient token assets […] due to the cyberattack and loss of a significant balance of ERC-20 tokens as a result of the theft.” On July 18, hackers compromised roughly $234 million in WazirX’s Safe Multisig wallet on Ethereum — roughly 45% of total investor funds.
