cryptopolitan.com
Indian crypto exchange WazirX co-founder Nischal Shetty has opened up a conversation regarding the exchange’s ownership and stated that he is operating the platform on their behalf.
In a recent X conversation with Indian crypto influencer Pushpendra Singh, Nischal disclosed a few details on the exchange ownership and other key matters. Pushpendra, in one of his recent tweets, posed a series of questions considering the fact that Nischal said that they don’t have ownership of the WazirX exchange.
Pushpendra wanted to understand how the completed trades were reversed back to crypto, how they were reversed without admin access, and also how Nischal was able to decide on this matter.
WazirX founder is operating the exchange until the dispute is resolved
As a response to these questions, Nischal tweeted, “we’ve been operating the platform on their behalf until the dispute gets resolved.” He also apologizes, stating that he can’t get into any more particulars due to confidentiality obligations.
In response to the query as to whether the users can expect crypto withdrawals in a couple of weeks, Nishcal mentioned that they will soon be sharing all the details of the structuring process this week. He also added that after that, they can have a community discussion to get a better picture of the timeline of the process.
WazirX halts crypto withdrawals after facing massive INR freezes
WazirX announced that INR withdrawal phase 1 is now live. Following this, users were able to withdraw up to half of the available 66% limit of their INR balances on the exchange.
📢 INR Withdrawals Phase 1 Now Live
All eligible users can withdraw up to half of the available 66% limit of their INR balances.
We have also reduced withdrawal fees by 60% – from INR 25 to INR 10 to make this process easier for you. Thank you for your continued patience and… pic.twitter.com/SmIlWZJhwj
— WazirX: India Ka Bitcoin Exchange (@WazirXIndia) August 26, 2024
Additionally, the exchange also reduced withdrawal fees by 60%, from 25 INR to 10 INR. However, due to multiple users requesting INR withdrawals, Nischal tweeted that they had no choice but to stop withdrawals after they faced massive INR freezes.
He added that they are only able to provide 66% of the INR as the rest of the funds are frozen. Nischal highlighted that this is a common issue that Indian crypto exchanges deal with.
WazirX was the victim of a $230 million hack in July where hackers stole multiple cryptocurrencies. Following the hack, this is the first time the exchange has reopened INR withdrawals after back-to-back conversations between the exchange founder and the Indian crypto community.