WazirX token WRX crashes 58 percent after Binance delisting
The price of WazirX (WRX) has plummeted today following the announcement of Binance's delisting plans for the token by the leading cryptocurrency exchange with over 250 million users.
Following Binance's announcement to delist the cryptocurrency, WazirX's WRX token fell by 58.74% in the past 24 hours and is currently trading at $0.09608 as of the time of writing, according to CoinMarketCap.
Binance delists WRX token
Binance said that its strict asset evaluation procedure, which tries to guarantee adherence to industry standards, was the reason behind the delisting decision. In addition to the WRX token delisted from the exchange, Bluzelle (BLZ) and Kaon (AKRO) were also targeted for removal. Based on factors like development activity, trading volume, network stability, and regulatory compliance, Binance assesses its listed tokens on a regular basis.
On December 25, 2024, at 03:00 (UTC), trading pairs for WRX/USDT, AKRO/USDT, BLZ/BTC, and BLZ/USDT will be removed. Deposits for these tokens will cease to be credited at 03:00 (UTC) on December 26, 2024. Withdrawals will be accepted until 03:00 (UTC) on February 25, 2025.
Binance plans to disable spot trading bots for affected pairs as part of the changes, highlighting its emphasis on user protection and market efficiency. Users have been advised to change or stop using their bots in order to prevent any losses that might result from the deactivation.
Indian crypto exchange WazirX under investigation
The Delhi High Court has ordered a new investigation into the cryptocurrency exchange, WazirX, bringing it under increased legal scrutiny in India. The petition was started by advocate Jaivir Bains, who brought attention to a significant security lapse earlier this year that allowed hackers to steal $235 million from the platform.
Justice Sanjeev Narula rejected Delhi police's findings and told them to submit a new status report by February 13, 2025, despite their initial claims that no criminal case could be established.
WazirX announced plans to start a decentralized exchange (DEX) despite the legal issues. This could offer a more reliable platform and enhance the user experience.
WazirX falls victim to $235M hack
One of the most popular cryptocurrency exchanges in India, WazirX, experienced a shocking security breach that led to the theft of about $235 million in July this year. The Web 3.0 security company Cyvers first discovered the hack and informed the public on Twitter that $234.9 million had been moved from WazirX's Safe Multisig wallet to a new address as a result of multiple transactions. Half an hour before their public announcement, Cyvers had tried to get in touch with WazirX after spotting the suspicious transactions, but they didn't respond.
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