The value of WazirX (WRX) plummeted by over 50% after Binance disclosed its decision to delist the token. Simultaneously, the Delhi High Court mandated a new investigation concerning the hacking incident involving the exchange.
Key Points
- The price of WazirX (WRX) has experienced a significant drop of over 50%, igniting discussions within the market.
- Binance recently announced the removal of the WRX token from its platform, in addition to two other cryptocurrencies.
- The Delhi High Court has instructed a fresh investigation into the hack case involving WazirX, leading to heightened speculation in the market.
The WRX token's value saw a staggering decline after Binance, one of the world's leading cryptocurrency exchanges, declared its intention to delist the token. This downturn is further compounded by the legal challenges faced by WazirX, as the Delhi High Court has called for an additional investigation related to the hacking incident that resulted in a substantial loss of funds. In a recent ruling, the court dismissed the Delhi Police’s earlier report, which claimed there was insufficient evidence for a criminal examination of the case.
WazirX Confronts Serious Challenges Amid New Legal Developments
In light of the recent legal developments, WazirX, the Indian cryptocurrency exchange, is grappling with significant challenges as the Delhi High Court has called for a renewed investigation. The court has dismissed a status report by Delhi Police regarding the hacking incident at WazirX, indicating that a deeper inquiry is necessary. This decision follows a petition submitted by Advocate Jaivir Bains, advocating for a criminal probe into the breach.
It is essential to note that while the Delhi Police had previously indicated that no actionable case existed, Justice Sanjeev Narula has requested a new status report by February 13, 2025. The court's ruling implies that WazirX has not been fully exonerated, leaving its management subject to ongoing scrutiny. These recent legal developments have ignited conversations and debates within the cryptocurrency community.
Moreover, this hacking incident is considered one of the year's largest cryptocurrency frauds, with approximately $230 million reportedly siphoned off from WazirX, causing widespread concern across the cryptocurrency landscape.
Major Decline in WRX Value Following Binance's Delisting Announcement
WazirX has encountered another setback with Binance’s official announcement to delist WRX tokens along with two other cryptocurrencies. Following this news, the price of WRX experienced a dramatic decline of 52.65%, reaching $0.1132 after an intraday peak of $0.2494. The trading volume for WRX also plummeted by nearly 19%, totaling approximately $21.87 million.
Binance's decision is part of an extensive review process aimed at ensuring compliance with "high standards" and industry regulations. The exchange has decided to remove Kaon (AKRO), Bluzelle (BLZ), and WRX from its platform. Consequently, trading for the AKRO/USDT, BLZ/BTC, BLZ/USDT, and WRX/USDT pairs will officially cease on December 25.
As WazirX continues to navigate these turbulent waters, the implications of these developments on the broader cryptocurrency market remain to be seen. Stakeholders and traders alike will be keenly observing how this situation unfolds in the coming weeks
