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WazirX

India-based cryptocurrency exchange WazirX has set up a timeline to reintroduce withdrawals following a hack that caused the loss of $234 million in investor funds.
In an Aug. 23 notice, WazirX <a data-ct-non-breakable="null" href="https://wazirx.com/blog/announcement-2/" rel="nofollow noopener" target="_blank" text="null">said</a> the suspension of withdrawals for user balances in Indian rupees (INR) would be lifted in phases starting on Aug. 26. Setting a withdrawal limit of 66% of users’ INR funds, the exchange said its customers would be able to remove up to half the limit from Aug. 26 to Sept. 8 and the remainder from Sept. 9 to Sept. 22.&nbsp;&nbsp;
WazirX did not provide a timeframe for withdrawing crypto balances from the exchange, citing “insufficient token assets […] due to the cyberattack and loss of a significant balance of ERC-20 tokens as a result of the theft.” On July 18, hackers <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/indian-crypto-exchange-wazirx-hack-235m" rel="" target="_self" text="null">compromised roughly $234 million</a> in WazirX’s Safe Multisig wallet on Ethereum — roughly 45% of total investor funds.
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 <img alt="WazirX announces INR withdrawals will resume on Aug. 26" name="" src="https://s3.cointelegraph.com/uploads/2024-08/01918061-ef41-7d65-a2a4-99fdfccc84ed">
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 Source: <a data-ct-non-breakable="null" href="https://x.com/WazirXIndia/status/1826959432473079952" rel="nofollow noopener" target="_blank" text="null">WazirX</a>
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The exchange said the 34% of balances remaining in INR was “frozen and [...] not immediately available for withdrawal” as part of “certain investigations by various law enforcement agencies.” WazirX suggested there were still legal issues with crypto withdrawals.
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/crypto-hacks-price-declines-report-2024" rel="null" target="null" text="null">Nearly 80% of hacked cryptocurrencies never recover in price — Immunefi</a>
“We want to assure all users that Zanmai [the operating entity for INR-related activities] is not the target of any investigations that have led to the freezing of INR balances,” said the exchange. “The funds were frozen by [law enforcement agencies] as a precautionary measure while they pursue their investigations against third parties. All INR balances remain secure and will be made available for withdrawal once the respective investigations and disputes are concluded.”&nbsp;
In December, the Financial Intelligence Unit of the Indian Ministry of Finance issued compliance notices to several crypto exchanges for allegedly operating illegally and violating Anti-Money Laundering regulations. OKX <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/okx-terminates-services-india-tells-users-withdraw-funds" rel="" target="_self" text="null">responded in March</a> by requesting its India-based users close their accounts as the exchange phased out services in the country.
Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/hackers-crypto-wallets-recover-savings/" rel="null" target="null" text="null">Meet the hackers who can help get your crypto life savings back</a>

WazirX announces INR withdrawals will resume on Aug. 26

Cointelegraph

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