WazirX (WRX), the native token of the Indian cryptocurrency exchange WazirX, has suffered a dramatic 50% price drop after two major developments shook investor confidence.
Binance, a leading global cryptocurrency exchange, announced plans to delist the token, and the Delhi High Court ordered a fresh probe into the exchange’s handling of a significant security breach.
Delhi High Court orders fresh investigation into WazirX
In a major blow to WazirX, the Delhi High Court has rejected the Delhi Police’s earlier status report on the exchange’s alleged hacking case and called for a new investigation.
This decision came in response to a petition by Advocate Jaivir Bains, who demanded a thorough criminal inquiry into the hack that led to a $230 million loss from the platform earlier this year.
Initially, the Delhi Police claimed no actionable case could be made against the exchange.
However, Justice Sanjeev Narula dismissed the report, expressing dissatisfaction with the findings and instructing the police to submit a new status report by February 13, 2025.
The hack, one of the largest crypto security breaches this year, has raised serious concerns about WazirX’s security protocols and operational transparency.
With the court refusing to give the exchange a clean chit, the management now faces further scrutiny, adding pressure to the embattled platform.
Source: CoinMarketCap
Binance delisting sends WRX tumbling
The challenges for WazirX were compounded by Binance’s announcement to delist WRX along with two other tokens, Akropolis (AKRO) and Bluzelle (BLZ).
Binance cited the need for all listed tokens to meet its “high standards of quality and compliance” as the reason for the delisting.
As a result, WRX’s price plummeted 52.65% to $0.1132 after peaking at $0.2494 earlier in the day.
Its 24-hour trading volume also took a hit, declining by 19% to $21.87 million.
According to Binance’s official statement, trading pairs for WRX/USDT, AKRO/USDT, BLZ/BTC, and BLZ/USDT will be removed from the platform starting December 25.
The exchange emphasized that its decision followed a comprehensive review process to ensure all listed assets align with its industry standards.
What’s next for WazirX?
These developments mark a challenging period for WazirX.
The hack, coupled with regulatory scrutiny and Binance’s delisting decision, raises questions about the exchange’s future in a highly competitive and compliance-driven market.
While some in the crypto community have welcomed the court’s fresh investigation as a step toward greater accountability, others are urging more clarity on WazirX’s plans to address its operational and security issues.
As the February 13 deadline for the new status report approaches, all eyes will be on how WazirX navigates these mounting challenges to restore investor trust.
For now, WRX’s sharp decline and the ongoing probe indicate a tough road ahead for the Indian exchange.
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