WazirX Token Crashes 50% Amid Binance Delisting

Indian crypto exchange WazirX has encountered a double blow today. The Delhi High Court has ordered a fresh probe into the exchange’s alleged hack, rejecting the previous Delhi Police status report that concluded no criminal case could be made.

Justice Sanjeev Narula issued the directive after Advocate Jaivir Bains filed a petition seeking a thorough criminal investigation into the security breach. The court has now mandated the Delhi Police to submit a new status report by February 13, 2025, signaling that WazirX’s operations and management remain under scrutiny.

The case stems from one of the largest crypto hacks of the year, where $230 million was reportedly drained from the exchange. While earlier reports attempted to downplay the incident, the High Court’s decision indicates ongoing concerns, sparking renewed discussions across the crypto community.

WRX Token Plunges 50% Following Binance Delisting

In another setback, Binance announced the delisting of WazirX’s WRX token alongside two other cryptocurrencies—Akropolis (AKRO) and Bluzelle (BLZ). Binance cited its regular asset review process to ensure that tokens meet its “high standards and industry requirements.”

The delisting schedule includes the removal of trading pairs:

• WRX/USDT
• AKRO/USDT
• BLZ/BTC
• BLZ/USDT

Trading for these pairs will cease on December 25, 2024, further compounding WRX’s price woes.

Market Impact on WRX

The WRX token reacted sharply to Binance’s delisting announcement:

• Price Drop: WRX crashed by 52.65%, falling to $0.1132 from a 24-hour high of $0.2494.
• Trading Volume: One-day trading volume declined by 19%, reaching $21.87 million.

The news has intensified bearish sentiment around WRX, as traders reassess its future amid regulatory scrutiny and reduced exchange support.

WazirX faces turbulent times as the Delhi High Court orders a fresh probe into its security breach, reviving concerns about its operations. Simultaneously, Binance’s delisting of WRX has triggered a 50% price collapse, adding to the exchange’s woes. With ongoing investigations and shrinking trading avenues, WazirX’s challenges appear far from over as the crypto community awaits further developments.