WazirX Faces $230M Hack Probe & 50% Crash Amid Binance Delisting
WazirX is in the dock as Delhi High Court orders fresh probe into $230 million hack. The court has rejected Delhi Police’s earlier report which said no case could be made.
Justice Sanjeev Narula has asked for a new status report by Feb 13, 2025 after Advocate Jaivir Bains filed a petition for a criminal investigation.
The hack which drained $230 million is one of the year’s biggest crypto heist. Critics are saying WazirX’s response has been inadequate and users are worried about the security measures. The High Court’s order has revived the debate on regulation and accountability of crypto exchanges in India and is putting more pressure on WazirX’s management.
WRX Token Crashes Over 50% After Binance Delisting
In another blow to WazirX, Binance announced it will delist the WRX token along with two others—AKRO and BLZ. Binance’s decision comes after a review to ensure compliance with its strict standards. As part of this, trading pairs like WRX/USDT will be removed from December 25, 2024.
The announcement led to a sharp fall in WRX’s price which dropped 52.65% to $0.1132 from a 24 hour high of $0.2494. Trading volumes also took a hit, down 19% to $21.87 million. Delisting is to uphold investor trust but WRX investors are left wondering what’s next for the token.
Implications for WazirX and Crypto Regulation
The two challenges—a fresh probe and delisting—pose big problems for WazirX. These developments highlight the broader issues in crypto:
Security: The $230 million hack shows exchanges are not secure.
Regulation: More legal action means tighter control on the crypto space.
Volatility: Delistings and legal battles are risky for investors.
WazirX’s woes also show the importance of investor education and exchanges need to prioritize security and transparency. As the crypto space grows, these cases will shape the regulatory framework in India and beyond.
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