Indian cryptocurrency exchange WazirX has begun the first phase of its INR withdrawal process post the hack. This move has been met with mixed reactions from its user base.
The exchange, still reeling from a major cyberattack in July, is attempting to resolve a complex recovery process while balancing user demands and regulatory constraints.
Users Unhappy With WazirX’s decision
WazirX announced that eligible users can now withdraw up to half of the available 66% limit of their INR balances. In an attempt to ease the process, the exchange has also reduced withdrawal fees by 60%, from INR 25 to INR 10.
However, this partial solution has not sat well with many users who expected full access to their funds.
📢 INR Withdrawals Phase 1 Now Live
All eligible users can withdraw up to half of the available 66% limit of their INR balances.
We have also reduced withdrawal fees by 60% – from INR 25 to INR 10 to make this process easier for you. Thank you for your continued patience and… pic.twitter.com/SmIlWZJhwj
— WazirX: India Ka Bitcoin Exchange (@WazirXIndia) August 26, 2024
Prominent crypto influencer RK Gupta voiced the frustrations of many, questioning the fairness of the limited withdrawal and criticizing the fee reduction as insufficient given the circumstances.
His sentiment echoes a broader discontent among WazirX users who feel let down by the platform they trusted.
Few Wazirx users have reported that they deposited INR on Wazirx after the Hack.
Wazirx still blocked 34% of their deposit. @WazirXIndia if this is the case, pls look into it. Users who deposited INR after the hack should be made full.
— Aditya Singh (@CryptooAdy) August 26, 2024
Adding to the controversy, Aditya Singh, founder of Crypto India, highlighted reports from users who claim their post-hack deposits are also subject to the 34% freeze. This has raised questions about the fairness and transparency of WazirX’s fund management practices in the aftermath of the cyberattack.
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