Embattled crypto platform WazirX on Friday said the company will allow withdrawals of up to two-thirds of an investor’s Indian Rupee (INR) balances starting August 26.
The withdrawals will occur in a phased manner.
An investor will be able to withdraw about half of the 66 per cent limit the crypto exchange has set between August 26 and September 8.
Users will be able to withdraw the remaining balances between September 9 and 22.
“Due to ongoing disputes, and certain investigations by various law enforcement agencies, which it is assisting with (and it is not a target of such investigations), approximately 34 per cent of INR balances are currently frozen and are not immediately available for withdrawals,” the company said in a blog post.
The company said it has slashed its withdrawal fees from Rs 25 to Rs 10 as part of the arrangement.
The company added that there were insufficient token assets available to meet the liabilities arising from the token balances after the cyberattack last month, which led to the theft of $230 million.
It said that it will be filing an application with the High Court of Singapore “to ensure that the platform has the time and breathing space it needs to pursue a restructuring.”
Last week, WazirX claimed that a forensic analysis found no compromise of its IT systems and blamed its wallet service provider, Liminal Custody, for the cyberattack.
The company said the investigation was led by cybersecurity firm Mandiant Solutions, a subsidiary of tech giant Google.
First Published: Aug 23 2024 | 7:56 PM IST
