WazirX is experiencing a rough patch. WRX’s price crashed by 59% after Binance revealed its delisting plans for the token. In addition, the Delhi High Court has ordered a fresh investigation of the crypto exchange.
Binance announced that it would be delisting WazirX, Kaon, and Bluzelle as part of a routine review of tokens that were no longer in compliance with its offering standards.
The delisting of a token from major exchanges is frequently interpreted as a lack of confidence in the token’s viability or future. This generates a negative market sentiment for the affected asset(s), hence causing a price decrease.
WRX sees bearish downturn | Source: CoinGecko
To that end, the announcement resulted in a decrease in the prices of AKRO and BLZ, with WRX being the most severely affected.
Trading Pairs removal for WRX/USDT will be delisted on December 25, 2024. In addition, deposits for these tokens will no longer be credited after December 26, 2024, and withdrawals will remain available until February 25, 2025.
Lastly, Binance has advised users to close any open positions and manage their holdings before the deadlines to avoid issues.
The new probe on WazirX
Following recent developments, the Delhi police’s status report regarding the WRX breach case has been rejected by the High Court, which has mandated a new investigation.
Advocate Jaivir Bains submitted a petition to the court, which requested a criminal investigation into the WazirX hack. It is important to note that the Delhi police had initially declared that no case could be established.
However, Justice Sanjeev Narula has requested a new status report by February 13, 2025. The court’s action suggests that the crypto exchange has not been granted a clean slate. Also, the exchange’s administration may be subjected to additional scrutiny.
In addition, WazirX users are excited about the new investigation.
Still, the exchange is making various efforts to restart operations. The company said on X, “We are gearing up for a fresh start with enhanced services and a recovery-driven approach for Scheme Creditors.”
We are gearing up for a fresh start with enhanced services and a recovery-driven approach for Scheme Creditors.
Following Scheme approval (subject to legal and regulatory requirements), we plan to reopen the WazirX platform and launch a decentralized exchange (DEX) with… pic.twitter.com/F7MObirmfF
— WazirX: India Ka Bitcoin Exchange (@WazirXIndia) December 18, 2024
They added, “We plan to reopen the WazirX platform and launch a decentralized exchange (DEX) with innovative features to enhance user experience and provide a more robust platform.”
On the upside, the case will meet a new crypto administration, which could benefit the token. However, WazirX has been criticized for its crisis management in relation to the processes of fund recovery and user communication.
WazirX 2024 troubles
WazirX was hacked in July of this year, resulting in a loss of $235 million in crypto holdings. The stolen amounts include $96.7 million in Shiba Inu, $52.6 million in Ether, $11 million in Matic, and $7.6 million in Pepe.
Following the hack, the corporation launched a bounty campaign to track down the lost crypto. Cyfirma, a cybersecurity organization, finally identified the perpetrators of the crime as a North Korean hacker cell.
Despite its efforts to retrieve assets, WazirX stated that 43% of customer funds have been irreversibly lost.
In addition, WazirX claimed that Binance was responsible for repaying its creditors as it had allegedly acquired WazirX.
However, Binance denied making any such deal, asserting in September that it had never owned or controlled WazirX. Although a contract had been signed between the parties, the anticipated transaction was never completed.
Binance argued that WazirX is owned by Zanmai Labs, which is registered with the Indian Financial Intelligence Unit. WazirX also said that it couldn’t restructure its Indian activities because of a possible ownership dispute between Zanmai Labs and its parent company, Zettai Pte.
Binance, on the other hand, said that these claims were false and an attempt to avoid taking responsibility for the exchange’s problems.
This articles is written by : Nermeen Nabil Khear Abdelmalak
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