After a major hack in July, the Indian cryptocurrency exchange WazirX said that outside forces were purposely getting in the way of its rebuilding efforts.
The exchange just recently released an ambitious strategy to restructure that will help restore financial stability and make users’ assets safer.
In a public statement on X, WazirX criticized outside groups that were not named for supposedly making the restructuring process take longer.Â
The conversation made it sound like these people want to keep things unclear and make the resolution process harder for the Exchange, which has been working on it since the breach.
WazirX Cuts Fees, Enhances Security
As part of its planned gradual recovery, WazirX will start allowing Indian rupee withdrawals again on Monday, August 26. In order to help its users with their finances, the exchange has also said that transaction fees will be cut by 60%.
A significant component of the plan for restructuring is also putting in place stronger security rules to stop future holes.
The fact that WazirX has decided to go to court in Singapore makes its rebuilding efforts even harder. The exchange chose Singapore as the place where its legal restructuring will take place and chose a plan that has been allowed by the courts.Â
This legal framework lets the Exchange arrange fair terms for everyone affected by the hack, making sure that the distribution of assets follows the law.
The hack happened on July 18 and targeted a multisignature wallet that held about $234 million in investment funds, nearly half of WazirX’s total amount of funds.
After the breach, India’s Bharat Web3 Association has put more effort into making cybersecurity stronger to protect crypto business customers. Also, in December 2023, the Financial Intelligence Unit of India’s Ministry of Finance sent notices to several cryptocurrency exchanges saying they were acting illegally and not following Anti-Money Laundering rules.
