The price of WazirX (WRX) dropped over 50% today due to Binance delisting and the Delhi High Court’s new investigation into the hack case.
The price of WazirX (WRX) has plummeted by more than 50% today due to the delisting plans for the token by the leading crypto exchange, Binance. The Delhi High Court has reportedly mandated a new investigation into the Indian crypto exchange, resulting in another significant setback. The HC Justice has rejected Delhi Police’s report in response to a previous order that requested a criminal investigation into the exchange’s hack, according to recent reports.
Amidst a recent investigation, WazirX experiences a significant setback
By recent developments, WazirX, an Indian crypto exchange, has encountered a significant setback as the Delhi High Court initiated a new investigation today. The Delhi police’s status report regarding the WazirX hack case has been rejected by the High Court, which has mandated a new investigation. Advocate Jaivir Bains submitted a petition to the court requesting a criminal investigation into the hack.
It is important to note that the Delhi police had initially declared that no case could be made. However, Justice Sanjeev Narula has requested a new status report by February 13, 2025. The court’s action suggests that the Indian exchange has not been granted a clean slate, and the exchange’s management may be subjected to additional scrutiny. This development has initiated market discussions.
In the interim, the exchange’s security breach was one of the most significant crypto scams of the year. The hackers have withdrawn approximately $230 million in funds from the exchange, which has sparked much discussion in the broader crypto market.
Nevertheless, recent developments suggest that the exchange may encounter additional obstacles shortly. Additionally, many individuals in the crypto community praised the most recent probe order, while others are still seeking further information regarding the case.
Following the news of Binance’s delisting, WRX experienced a 50% decline
WazirX has encountered another significant obstacle, as Binance, the foremost cryptocurrency exchange, has declared the delisting of WRX tokens and two other crypto assets. It is important to note that the price of WRX declined by 52.65% to $0.1132 today in response to the delisting announcement, and after that, it reached a 24-hour high of $0.2494. Its one-day trading volume decreased by approximately 19% to $21.87 million.
In its most recent announcement, Binance disclosed its intention to delist the WRX token, AKRO, and BLZ. The delisting is a component of Binance’s comprehensive review of the assets to ensure that they continue to meet the “high level of standard and industry requirements,” the exchange stated.
The crypto exchange has decided to delist Kaon (AKRO), Bluzelle (BLZ), and WRX tokens from its platform by its most recent review. Specifically, the trading of the AKRO/USDT, BLZ/BTC, BLZ/USDT, and WRX/USDT pairs will be suspended effective December 25.