WazirX, an Indian cryptocurrency exchange, has stated that those who are not involved in the platform may intentionally delay its restructuring process to benefit themselves instead of seeking a solution.
Following a significant security breach on July 18, resulting in losses of over $230 million and the suspension of withdrawals and trading, WazirX has launched a comprehensive reorganization plan. WazirX believes that restructuring is the most effective and legally valid strategy to deal with its current circumstances.
The exchange intends to disclose additional information regarding its restructuring endeavors next week. However, it emphasizes that this is not a bankruptcy or liquidation process, which often requires many years to conclude.
The resumption of INR withdrawals will occur gradually, commencing on August 26. The hack did not impact Zanmai Labs Pvt Ltd, the business responsible for INR-related activity on the site.
During the initial stage, customers will have the option to withdraw 50% of the 66% limit. From September 9th to September 22nd, the remaining 50% of the 66% limit will be permitted for withdrawal.
WazirX is currently investigating various methods, like bounty programs and legal channels, to retrieve the stolen assets. The main objective of the exchange is to help consumers maximize their recovery while also seeking opportunities to increase value.
