WazirX, the Indian cryptocurrency exchange, remarked that external parties that are not involved in the platform may try to delay the restructuring process of the crypto exchange for their own personal benefits. WazirX announced in a post on X, that these non-related parties will try and create more uncertainty for the cryptocurrency exchange’s future rather than helping in finding solutions. The statement follows WazirX’s announcement of a comprehensive restructuring plan after a significant security breach on July 18. The hack resulted in losses exceeding $230 million and led to the suspension of withdrawals and trading on the platform. 

WazirX stated that restructuring is the optimal and “most expedient and legally sound approach” to address its current challenges. This strategy is also in the best interest of its users, who are still unable to access their funds. Although the exchange plans to provide more details on its restructuring efforts next week, it reassured users that this is not a bankruptcy or liquidation process—both of which would take years to resolve. 

WazirX assured users that its main goal is to help them recover as much as possible while also exploring opportunities to enhance value. The company further shared: “Moreover, we are actively pursuing various legal avenues and bounty programs to recover stolen assets. These efforts are ongoing, and we remain fully committed to achieving the best possible outcome for our users.” 

He mentioned that full details of the restructuring process will be shared next week, with additional explanations to follow through blogs and video AMAs. WazirX urged users to exercise caution, warning them to be vigilant against individuals who may try to exploit the situation for personal gain, and reaffirmed its dedication to finding an efficient resolution. 

In a blog post, WazirX also announced that they will be allowing partial withdrawals which will be conducted in phases starting from August 26th. The customers will be allowed to withdraw upto 66% of their funds from the exchange.  

“While the operating entity for INR-related activities, Zanmai Labs Pvt Ltd, on the WazirX platform was not affected by the cyberattack and has sufficient INR reserves to cover all INR user balances, not all of these balances are currently available for withdrawal. Due to ongoing disputes, and certain investigations by various law enforcement agencies (LEAs) which is assisting with (and it is not a target of such investigations), ~34 percent of INR balances are currently frozen and are not immediately available for withdrawal,” the company said. 

During the first phase, ending on Sept. 8, users will be able to withdraw half of the 66% limit. From Sept. 9 to Sept. 22, the exchange will allow users to withdraw the remaining half of the 66% limit. 

WazirX claims to serve over 16 million users. Over the past month, numerous WazirX users have shared their financial difficulties due to the suspension of its services. Although INR withdrawals on WazirX are now permitted, some users still haven’t been able to access their funds. Screenshots shared by users indicate that they can withdraw a minimum of Rs. 100 and a maximum of Rs. 1 lakh per transaction. Additionally, users are limited to withdrawing Rs. 5 lakh per day, with a Rs. 25 platform fees applied to each transaction.