Indian cryptocurrency exchange WazirX has been facing significant challenges following a major security breach on July 18. In a recent post, the exchange warned that external parties not invested in the platform may attempt to prolong its restructuring process for their own gains. These parties are looking to create and maintain uncertainty rather than seeking a resolution, making it even more difficult for WazirX to navigate through this crisis.
WazirX has emphasized that restructuring is the best course of action in addressing its current situation. This approach has been deemed as the most expedient and legally sound way to move forward. The exchange has also highlighted that this process is in the best interest of its users who are still unable to access their funds. Despite the challenges ahead, WazirX is committed to providing more details on its restructuring efforts in the coming weeks.
One positive development is WazirX’s plan to restart INR withdrawals in phases starting on Aug. 26. The operating entity for INR-related activities on the platform, Zanmai Labs Pvt Ltd, has not been affected by the hack and has ample reserves to cover all INR balances. However, due to ongoing disputes and legal investigations, a portion of the INR balances are currently frozen. WazirX aims to gradually release these funds to users over two phases, providing some relief to those impacted by the security breach.
Unfortunately, WazirX has acknowledged that it does not have enough cryptocurrency to enable withdrawals at this time. The exchange is actively exploring various avenues to recover the stolen assets, including through bounty programs and legal channels. While the recovery efforts are ongoing, WazirX has reiterated its commitment to assisting users in recovering their assets while also focusing on enhancing overall value.
As WazirX continues to navigate through the aftermath of the security breach, it is clear that the road to recovery will be long and challenging. The exchange has emphasized that these recovery efforts will require time and patience to yield results. Despite the obstacles it faces, WazirX remains dedicated to resolving the situation and supporting its users throughout this difficult period.