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WazirX (WRX) Crashes 60 % on Binance Delisting and Legal Troubles
12/18/2024 21:50
WazirX’s WRX token crashes 60% amid Binance delisting and renewed legal troubles in India, sparking market-wide cryptocurrency volatility.
Key Notes
- WRX token lost over 60% in value after Binance announced its delisting, dropping from $0.2490 to $0.09893.
- Binance's delisting decision followed its strict asset evaluation process, impacting WRX, AKRO, and BLZ tokens.
- WazirX faces renewed legal scrutiny in India, with a probe into a $230 million hack ordered by the Delhi High Court.
WazirX’s WRX WRX $0.10 24h volatility: 57.5% Market cap: $46.21 M Vol. 24h: $27.52 M token plummeted by over 60% in a single day following Binance’s announcement to delist the cryptocurrency, according to CoinMarketCap. The token’s value dropped sharply from a 24-hour peak of $0.2490 to a low of $0.09893. However, trading volume saw an 18.80% gain, settling at $31.18 million during the same timeframe.
Binance attributed the delisting decision to its stringent asset evaluation process, which aims to ensure compliance with industry standards. In addition to WRX, AKRO and BLZ were also targeted for removal. Key trading pairs such as SUI/TUSD and BNT/ETH will no longer be available starting December 20. However, Binance assured users that alternative trading options for these tokens remain accessible on the platform.
As part of the changes, Binance plans to disable Spot Trading Bots for impacted pairs, underscoring its focus on market efficiency and user protection. Users have been urged to modify or cancel their bots to avoid potential losses caused by the deactivation.
WazirX Faces Fresh Probe in India
WazirX has come under intensified legal scrutiny in India, with the Delhi High Court mandating a renewed investigation into the cryptocurrency exchange. Advocate Jaivir Bains initiated the petition, highlighting a major security breach earlier this year that resulted in hackers stealing $235 million from the platform.
Thanks to Delhi High court 🙏 https://t.co/LmHSYtJQkg
— Justice for WazirX Users (@IndiasCrypto) December 18, 2024
Despite initial claims by Delhi police that no criminal case could be established, Justice Sanjeev Narula dismissed their findings and instructed them to submit a new status report by February 13, 2025. This directive raises the likelihood of additional legal complications for the exchange’s management as investigators delve deeper into the hacking incident.
The massive breach triggered widespread criticism, with many in the crypto community questioning the platform’s capability to protect users’ assets. The scale of the financial loss has cast doubt on the exchange’s overall security framework and operational reliability.
Binance Delisting Shakes Crypto Market
Binance’s delisting announcement caused significant market turbulence, extending beyond WRX. Sui (SUI) fell 6% to $4.53 but maintained a 19.67% weekly gain. Hamster Kombat (HMSTR) faced a steeper decline, dropping 8.18% to $0.002993, contributing to a 21.09% slide over the past month.
Other cryptocurrencies were similarly affected. Bancor (BNT) and Cyber (CYBER) lost 7.19% and 8.43%, respectively, while Anchored Coins (AEUR) plunged 4% to $0.9802. The downward trends highlight Binance’s substantial influence over market dynamics.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
