Crypto platform WazirX allows partial rupee withdrawals from August 26

Users will be able to withdraw the remaining balances between September 9 and 22

WazirX, the embattled crypto platform that lost $230 million to a cyberattack last month, on Friday said it will allow the withdrawals of up to 66 per cent of an investors’ Indian Rupee (INR) balances from August 26. 

The withdrawals would take place in a phased manner. 

An investor would be able to withdraw about half of the 66 per cent limit the crypto exchange has set between August 26 and September 8.

Users will be able to withdraw the rest of balances between 9 and 22 September. 

“Due to ongoing disputes, and certain investigations by various law enforcement agencies which are assisting with (and it is not a target of such investigations), Rs 34 per cent of INR balances are currently frozen and are not immediately available for withdrawals,” the company said.

The company said it has slashed its withdrawal fees from Rs 25 to Rs 10 as part of the arrangement. 

The company added that there were insufficient token assets available to meet the liabilities arising from the token balances after last month’s cyberattack. 

It said that it will be filing an application with the High Court of Singapore “to ensure the platform has the time and breathing space it needs to pursue a restructuring”. 

Last week, WazirX claimed that a forensic analysis found no compromise of its IT systems and blamed its wallet service provider Liminal Custody for the attack.