As a seasoned analyst with years of experience in the volatile world of cryptocurrencies, I’ve seen my fair share of ups and downs. Today, WazirX (WRX) is facing a double whammy that’s got the crypto community buzzing.
Today, WazirX (WRX) experienced a significant drop in value, surpassing 50%, after Binance announced its intention to remove the token from their platform. Additionally, WazirX has encountered another setback as the Delhi High Court has reportedly initiated a new investigation into the exchange. Recent reports indicate that the High Court Justice has overturned an earlier order by Delhi Police that had called for a criminal probe following a hack incident on the exchange.
WazirX Faces Major Setback Amid Fresh Probe
As a researcher, I’ve just learned that in light of recent events, the Indian crypto exchange, WazirX, has encountered a significant hurdle. Today, the Delhi High Court mandated a new examination following their rejection of the Delhi police’s status report on the WazirX hack case. This decision for a fresh investigation was made after Advocate Jaivir Bains submitted a petition requesting a criminal probe into the hack incident.
Significantly, the Delhi police initially declared there was no basis for a case, but Judge Sanjeev Narula has requested an updated status report by February 13, 2025. This court action suggests that the Indian exchange may not have been cleared, and its management could face additional examination. This latest development has ignited debate within the financial market.
As a researcher delving into the latest developments within the cryptocurrency sphere, I find myself grappling with the aftermath of an alarming security breach on a popular exchange this year. Unscrupulous hackers managed to pilfer approximately $230 million from the platform, an act that has ignited heated debates across the broader crypto market.
On the other hand, ongoing events suggest that the exchange might encounter challenges in the near future. Moreover, the recent investigation directive received praise from cryptocurrency enthusiasts, but there remains a need for more information and clarity among some parties regarding the matter.
WRX Crashes 50% After Binance Delisting News
As a researcher, I find myself grappling with the latest development concerning WazirX. The major crypto exchange Binance has made an announcement that they will be removing WRX tokens from their platform, alongside two other cryptocurrencies. This decision has taken a significant toll on the market value of WRX, as its price today plummeted by 52.65% to reach $0.1132. Just hours ago, it had peaked at $0.2494 within a 24-hour span. The one-day trading volume for WRX has also seen a substantial drop of approximately 19%, settling at $21.87 million.
According to the recent update from Binance, they have disclosed their intention to remove the WRX token, along with AKRO and BLZ, from their platform. This action is a part of Binance’s rigorous evaluation process aimed at ensuring that the listed assets continue to uphold a “high standard” and comply with industry norms.
As a result of a recent evaluation, the cryptocurrency exchange has chosen to remove Kaon (AKRO), Bluzelle (BLZ), and WRX tokens from its trading platform. Specifically, the AKRO/USDT, BLZ/BTC, BLZ/USDT, and WRX/USDT trades will no longer be available starting December 25.
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2024-12-18 13:51