WazirX: Indian rupee withdrawals to be enabled in phases starting August 26

WazirX has issued an important announcement regarding the next steps for Indian rupee and cryptocurrency withdrawals. For cryptocurrency balances, users will not be able to withdraw cryptocurrency from their platform accounts for a period of time due to network attacks and a large amount of balance loss caused by ERC-20 token theft. WazirX does not have enough token assets to repay the debt generated by the platform users' owed token balances. Subsequently, a bankruptcy restructuring application will be submitted to the Singapore High Court in order to obtain fair distribution of cryptocurrency assets according to the bankruptcy plan and user approval.For Indian rupee balances, WazirX will lift the suspension on INR balance withdrawals on August 26, 2024, and will gradually enable INR withdrawal functions. WazirX will reduce the withdrawal fee by 60%, from 25 rupees to 10 rupees.