WazirX (WRX) experienced a significant price drop of over 50% after Binance announced plans to delist its token. Additionally, the Indian cryptocurrency exchange faced another major setback following a new investigation order issued by the Delhi High Court. According to recent reports, the High Court judge requested a new investigation concerning the hacking incident of the exchange, rejecting the Delhi Police’s report.
WazirX Under New Investigation
Recent developments indicate that the Delhi High Court has imposed a new investigation on WazirX. The court dismissed the situation report presented by the Delhi police regarding the hack incident and granted a new investigation order. The decision came in response to a petition by lawyer Jaivir Bains, who called for a criminal inquiry into the hacking incident.
Binance’s Delisting Decision
Moreover, Binance’s decision to delist two cryptocurrencies, including the WRX token, led to a sharp decrease in WazirX’s price. The WRX price fell by 52.65% to $0.1132, with a 24-hour peak of $0.2494. Daily trading volume also saw a decline of about 19%, dropping to $21.87 million.
Initially, Delhi police stated that no charges would be filed. However, Judge Sanjeev Narula requested a new status report by February 13, 2025. This court ruling suggests that the Indian exchange has not been cleared and may face further scrutiny. Such developments have sparked discussions in the market.
The security breach at the exchange was among the largest cryptocurrency fraud incidents of the year. Hackers stole approximately $230 million worth of cryptocurrency from the exchange, causing widespread debate in the crypto market.
Following the incident, the crypto community welcomed the new investigation order, while some are waiting for more clarification regarding the case. The challenges faced by the exchange have once again highlighted the importance of security and regulations in the crypto market. Both market participants and regulators are expected to exercise greater caution regarding such incidents.
These developments indicate that WazirX may encounter further obstacles in the coming days. Binance’s delisting decision and the Delhi High Court’s new inquiry request have negatively impacted the exchange’s reputation and market position.
