{"id":36539,"date":"2024-08-23T17:27:13","date_gmt":"2024-08-23T17:27:13","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/wazirx-to-resume-phased-inr-withdrawals-fees-reduced-by-60\/"},"modified":"2024-08-23T17:27:13","modified_gmt":"2024-08-23T17:27:13","slug":"wazirx-to-resume-phased-inr-withdrawals-fees-reduced-by-60","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/wazirx-to-resume-phased-inr-withdrawals-fees-reduced-by-60\/","title":{"rendered":"WazirX to resume phased INR withdrawals, fees reduced by 60%"},"content":{"rendered":"<p><b>(Originally posted on : CoinJournal: Latest Crypto News, Altcoin News and Cryptocurrency Comparison )<\/b><br \/>\n<\/p>\n<div>\n<div class=\"post-article-image  -mt-24  mb-8  lg:-mt-32  rounded  overflow-hidden\">\n<picture><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2024\/08\/WazirX-to-resume-phased-INR-withdrawals-smartcrop-750x375.webp\" type=\"image\/webp\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2024\/08\/WazirX-to-resume-phased-INR-withdrawals-smartcrop-363x181.webp\" type=\"image\/webp\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2024\/08\/WazirX-to-resume-phased-INR-withdrawals-smartcrop-750x375.jpg\" type=\"image\/jpeg\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2024\/08\/WazirX-to-resume-phased-INR-withdrawals-smartcrop-363x181.jpg\" type=\"image\/jpeg\"\/>\n<\/picture>                    <\/div>\n<ul>\n<li>WazirX will resume INR withdrawals in phases starting August 26, 2024.<\/li>\n<li>Users can withdraw up to 66% of INR balances, with fees reduced by 60%.<\/li>\n<li>Crypto withdrawals remain suspended as WazirX implements a Singapore Scheme.<\/li>\n<\/ul>\n<p>Indian cryptocurrency exchange WazirX has announced a phased resumption of Indian Rupee (INR) withdrawals starting August 26, 2024, following a major cyberattack in July that led to a substantial loss of funds.<\/p>\n<p>The hack, which resulted in over $230 million being stolen, prompted the exchange to halt all withdrawals and trading to mitigate the impact and assess the situation.<\/p>\n<h2>Crypto withdrawals remain suspended<\/h2>\n<p>In a recent update, WazirX revealed that while cryptocurrency withdrawals will remain suspended, INR withdrawals will begin in stages.<\/p>\n<p>Users will be able to withdraw up to 66% of their INR balances, with the process unfolding in two phases.<\/p>\n<p>Between August 26 and September 8, users can withdraw up to 50% of their INR balances. From September 9 to September 22, they will be able to access the full 66% limit.<\/p>\n<p>The exchange has also announced a reduction in withdrawal fees by 60%, from INR 25 to INR 10, to ease the financial burden on its users during this challenging period.<\/p>\n<h2>WazirX pursuing a Singapore Scheme of Arrangement<\/h2>\n<p>The decision to halt cryptocurrency withdrawals stems from the significant loss of ERC-20 tokens in the cyberattack, leaving WazirX with insufficient assets to meet user liabilities. To address this, the exchange has said that it will pursue a Singapore Scheme of Arrangement, a legal restructuring process aimed at ensuring a fair distribution of the remaining assets.<\/p>\n<p>In the <a href=\"https:\/\/wazirx.com\/blog\/announcement-2\/\">announcement<\/a> issued on August 23, WazirX stated:<\/p>\n<p><em>\u201cWe will shortly be filing an application in the High Court of Singapore to ensure that the platform has the time and breathing space it needs to pursue a restructuring under a Scheme of Arrangement.\u201d<\/em><\/p>\n<p>The proposal, which must be approved by WazirX creditors and the High Court of Singapore, is intended to facilitate an equitable resolution for all stakeholders involved.<\/p>\n<p>While INR withdrawals will soon resume, users with cryptocurrency holdings will need to await further developments as WazirX works towards a comprehensive solution. The phased INR withdrawal plan marks a critical step in the exchange\u2019s recovery process, offering some relief to affected users.<\/p>\n<div class=\"post-meta\">\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Share this article<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Categories<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Tags<\/h6>\n<\/p><\/div>\n<\/p><\/div>\n<p><a href=\"https:\/\/coinjournal.net\/news\/wazirx-to-resume-phased-inr-withdrawals-fees-reduced-by-60\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : CoinJournal: Latest Crypto News, Altcoin News and Cryptocurrency Comparison ) WazirX will resume INR withdrawals in phases starting August 26, 2024. Users can withdraw up to 66% of INR balances, with fees reduced by 60%. Crypto withdrawals remain suspended as WazirX implements a Singapore Scheme. Indian cryptocurrency exchange WazirX has announced [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":36540,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/36539"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=36539"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/36539\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/36540"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=36539"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=36539"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=36539"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}