WazirX Accuses External Forces of Hindering Recovery

Key Points:

• WazirX is facing external interference in its restructuring efforts.
• The exchange aims to restore financial operations and enhance security.
• A phased plan for INR withdrawals and fee reductions has been implemented.
• The company remains committed to achieving the best outcome for its users.

WazirX, a prominent Indian cryptocurrency exchange, recently unveiled its strategic restructuring plan to address the challenges posed by a significant crypto hack. Despite the company’s commitment to a swift and efficient recovery, external forces allegedly hinder the process.

In a public statement on X, WazirX openly criticized unnamed external parties for their attempts to prolong the restructuring process. The exchange claims these entities are triggering uncertainty and complicating the resolution WazirX aims to achieve. This announcement follows a July hack that lost $230 million of ERC-20 tokens.

The exchange further emphasizes that these unidentified parties’ objectives are not aligned with the interests of WazirX or its users. Such actions threaten to disrupt the swift and efficient recovery process that the company has been advocating since the incident.

WazirX has implemented a phased plan to mitigate the hack’s impact and restore financial operations. Starting on Monday, the exchange will begin reinstating INR withdrawals in stages. 

Additionally, the company has introduced a 60% reduction in withdrawal fees to alleviate the financial burden on its users during this transitional period.

The recovery plan balances providing immediate access to funds while maintaining robust security measures to prevent future vulnerabilities.

In response to the challenges posed by the crypto hack, WazirX has also embarked on a legal restructuring pathway in Singapore. This process, known as a Scheme of Arrangements, has been approved by the court and provides a structured framework for asset distribution.

While the exchange faces external obstacles, WazirX remains steadfast in its commitment to achieving the best possible outcome for its users. The company has assured its community that a detailed restructuring plan designed with our users’ interests in mind will be released in the coming week.