WazirX’s Recovery Efforts Hindered by External Influences WazirX, one of India’s prominent cryptocurrency exchanges, is facing obstacles in its efforts to restructure after a major security breach in July that resulted in the theft of $230 million in ERC-20 tokens.
The exchange has pointed to external parties as the primary cause of delays in its recovery plan. WazirX recently announced a comprehensive restructuring plan aimed at stabilizing its operations and protecting its users’ assets. This plan includes gradually reopening withdrawals in Indian Rupees (INR) starting from August 26, with a 60% reduction in withdrawal fees to alleviate the financial burden on users.
WazirX expressed concerns on social media that certain external entities could be purposefully slowing down the restructuring process. The exchange criticized these unnamed parties for fostering uncertainty and complicating efforts to resolve the situation effectively. To counter these challenges, WazirX has initiated legal proceedings in Singapore, where it is pursuing a court-approved scheme of arrangement.
The goal of this legal process is to guarantee a fair and legal-compliant asset distribution among users. The company emphasized that this restructuring does not indicate bankruptcy or liquidation but rather a strategic move to protect user interests and secure their assets. Despite the ongoing difficulties, WazirX has committed to keeping users informed about the restructuring process and will provide further updates in the coming days.
The exchange also issued a warning to its users to be cautious of potential scams, as malicious actors have begun exploiting the situation by posing as helpers on social media to steal funds. As WazirX continues its efforts to recover from the July hack, it remains focused on ensuring the security and satisfaction of its users. The exchange plans to offer a clearer explanation of its restructuring strategy soon, aiming to restore trust and stability within its community.
