2024

Bitcoin

WazirX

WazirX has shared plans to restructure its operations after facing serious challenges, including a major hack in July where $230 million in ERC-20 tokens were stolen.&nbsp;
In a recent post on X, WazirX criticized certain external groups for trying to slow down its restructuring. The exchange believes these groups are not acting in the best interest of WazirX or its users and are instead trying to create uncertainty that could delay a resolution.
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 👋 tribe! We understand that our decision to pursue this restructuring path may raise some concerns, but we want to emphasize that it is the most expedient and legally sound approach to addressing the current crypto-related issue. We believe this direction is in the best… <a href="https://t.co/1NiLMV88E9" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/1NiLMV88E9</a>— WazirX: India Ka Bitcoin Exchange (@WazirXIndia) <a href="https://twitter.com/WazirXIndia/status/1827317056901149115?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">August 24, 2024</a>
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To address the situation, WazirX has introduced a step-by-step plan to recover from the hack. Starting Monday, the exchange will gradually reopen INR withdrawals, allowing users to access their funds again.&nbsp;
Additionally, WazirX is reducing withdrawal fees by 60% to help ease the financial pressure on its users during this time.
WazirX is also taking legal steps to support its recovery. The company is following a legal process in Singapore called a Scheme of Arrangements, which is approved by the court. This process will help WazirX reach fair agreements with everyone affected while following strict legal standards.
Despite the challenges, WazirX remains committed to resolving the situation and ensuring its users are taken care of. The company has promised to share more details about its restructuring plan next week.
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
 Also Read: <a href="https://www.cryptotimes.io/2024/08/23/wazirx-offers-rs-15-discount-asks-users-to-take-134-hit/" rel="noopener noreferrer nofollow">WazirX offers Rs 15 discount, asks users to take 134% hit</a>
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WazirX Blames External Forces for Delaying Restructuring Plans

The Crypto Times

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