Bank

Toad

Turbo

when

WazirX

Indian crypto exchange WazirX has expressed concerns over external factors it believes are impacting its recovery efforts.
The exchange announced a restructuring plan aimed at improving financial stability and bolstering the security of its users’ assets, which prompted some criticism.
<h3 id="external-interference">External interference </h3>
In a public <a data-ct-non-breakable="null" href="https://x.com/WazirXIndia/status/1827317056901149115" rel="nofollow noopener" target="_blank" text="null">statement</a> on X, WazirX addressed the ongoing restructuring process, suggesting that certain external parties may be contributing to delays. The exchange expressed concerns that these entities might be prolonging the process, which has been ongoing since WazirX was hacked.
WazirX is in the process of implementing a phased plan to restore its financial operations. This plan includes <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/wazirx-inr-withdrawals-resume-august" rel="null" target="null" text="null">reinstating Indian rupee withdrawals</a>, which will begin on a staggered basis starting Monday, Aug. 26.&nbsp;
<figure>
 <img alt="WazirX blames restructuring delays on external factors" name="" src="https://s3.cointelegraph.com/uploads/2024-08/019188c5-17af-7ebe-b279-7bd5d1c474f0">
 <figcaption style="text-align: center;">
 Source: <a data-ct-non-breakable="null" href="https://x.com/WazirXIndia/status/1827317056901149115" rel="nofollow noopener" target="_blank" text="null">WazirX India Ka Bitcoin Exchange</a>
 </figcaption>
</figure>
Additionally, the exchange announced a 60% reduction in withdrawal fees to alleviate the financial burden on its users. The restructuring plan also emphasizes the importance of security protocols to prevent future vulnerabilities.&nbsp;
<h3 id="legal-recourse-in-singapore">Legal recourse in Singapore </h3>
WazirX’s restructuring efforts include <a data-ct-non-breakable="null" href="https://wazirx.com/blog/announcement-2/" rel="nofollow noopener" target="_blank" text="null">pursuing</a> legal proceedings in Singapore, where the company has selected the jurisdiction for its legal restructuring process. This includes implementing a court-approved scheme of arrangements.
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/search?query=FTX#:~:text=OmegaPro%20co%2Dfounder%20arrested%20over%20%244B%20crypto%20scam" rel="" target="_self" text="null">OmegaPro co-founder arrested over $4B crypto scam</a>
This legal framework allows WazirX to negotiate fair and equitable terms for all parties affected by the hack, ensuring that the asset distribution process adheres to legal standards.
WazirX<a data-ct-non-breakable="null" href="https://cointelegraph.com/news/indian-crypto-exchange-wazirx-hack-235m" rel="" target="_self" text="null"> experienced a significant setback</a> on July 18 when a multisignature wallet holding approximately $234 million of investor funds was targeted in a hack.
In response to the WazirX breach, India’s Bharat Web3 Association has <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bharat-web3-association-cybersecurity-wazirx-hack" rel="" target="_self" text="null">emphasized its commitment</a> to enhancing cybersecurity measures and safeguarding consumers in the crypto industry.
The Financial Intelligence Unit of India’s Ministry of Finance issued notices to several cryptocurrency exchanges in December 2023, <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/google-play-store-removes-binance-others-in-response-to-indian-fiu-notice" rel="null" target="null" text="null">claiming they operated illegally</a> and failed to comply with Anti-Money Laundering requirements.
Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/crypto-sec-turbo-toad-phishing-attack-and-evolve-data-breach/" rel="null" target="null" text="null">Crypto-Sec: Evolve Bank suffers data breach, Turbo Toad enthusiast loses $3.6K</a>

WazirX blames restructuring delays on external factors

Table of Contents

Cointelegraph

Other articles published on Aug 25, 2024

Bitcoin Climbs to $64K Amid Strong Market Support and Positive Technical Indicators

Bitcoin eyes $68K surge if $64K holds

BNB DEX Volume Surpasses Solana for Three Consecutive Days, Trails Only Ethereum

Shiba Inu Silent Accumulation Phase: Analysis Indicates SHIB Might Be Poised for a 330% Price Surge

Discover How Polkadot and Avalanche Captivate Investors as Qubetics Makes Its Mark with Top-Notch...

EOS Network Achieves New Landmark as Its TVL Reaches 242.44M $EOS

Join our free newsletter for daily crypto updates!