Crypto exchange WazirX started INR withdrawals starting today
WazirX crypto exchange was hacked last month on 18th July and since then a lot has been happening in the Indian crypto market. Because of this strategic incident with these Indian Crypto exchanges the community has been struggling and been more than a month since the trading and funds withdrawal was halted however now after a lot of discussion on social media the exchange has confirmed that they are going to enable the fiat withdrawal. It means whoever has a holholdsNR balance in their wallet will be available for withdrawal from 26th August onwards.
There is also a catch that whatever INR balance is there will not be available for the withdrawal because 34% has been seized by the Ed in India. This is an enforcement directorate which is a govt organisation and they have frozen these funds for some reasons. It means the users can withdraw their fate balance but can access only 66% of whatever they hold in the wallet.
Now after the Fiat withdrawal enablement, the exchange has not commented on the crypto withdrawal and they are still saying that they are in the process to do this but as of now no clarity on this and we don't know when is it going to happen. To be honest it's really difficult and a tough time for the people who have been using this exchange because now they do not have access to their funds.
This is why it is always said that no exchange is safe and we should always keep the self custody of the crypto because this is what helps us to manage things better we know that it is our friend but the moment we keep it in the exchange wallet we lose the control. Crypto is something that we should hold with our self and we should not keep it in the exchange wallet unless we are using it or we are using it for the trading purpose because when we go for the self custody then we are the owner and we can access it anytime we want.
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After the WazirX crypto exchange was hacked, the transfer process will at least give some relief to the customers.