The recent security breach on the Indian cryptocurrency exchange WazirX has led to a comprehensive restructuring plan being put into place. However, the exchange has warned that external parties not invested in the platform may try to prolong the restructuring process for their own gains. These parties are said to be creating and maintaining “uncertainty” in order to hinder the resolution of the situation.
WazirX has emphasized that restructuring is the best course of action in order to address the current situation following the security breach. The exchange believes that this approach is the most expedient and legally sound method to move forward. It is also in the best interest of its users, who are still unable to access their funds due to the suspension of withdrawals and trading on the platform.
The exchange has announced a phased withdrawal plan for users to access their funds. Starting on August 26, INR withdrawals will be allowed in phases. The operating entity for INR-related activities, Zanmai Labs Pvt Ltd, was not affected by the hack and has enough reserves to cover all INR balances. However, 34% of the INR balances are currently frozen due to ongoing disputes and legal investigations.
WazirX is actively exploring avenues to recover the stolen assets, including through bounty programs and legal channels. The exchange has stated that its primary goal is to assist users in recovering as much as possible while also looking for ways to enhance value. These recovery efforts, however, will take time and patience to deliver results.
The future of WazirX cryptocurrency exchange hangs in the balance as it navigates through the aftermath of the security breach. While restructuring efforts are underway and a phased withdrawal plan has been put into place, external parties may pose a threat to the resolution process. It is crucial for the exchange to prioritize the recovery of stolen assets and ensure the security of its users’ funds moving forward. Only time will tell what the ultimate outcome will be for WazirX and its users in the cryptocurrency market.