WazirX (WRX) has seen its token price plummet by over 50% following Binance‘s recent announcement to delist it. This drastic decline coincides with a new investigation launched by the Delhi High Court concerning a significant hacking incident at the exchange. The court’s intervention comes after a petition from lawyer Jaivir Bains, who sought a deeper inquiry into the cyber breach, rejecting previous reports submitted by the Delhi Police.
What Led to the New Investigation?
The Delhi High Court’s directive for a fresh investigation underlines ongoing concerns about security at WazirX. The court dismissed the police’s earlier findings, indicating potential misconduct in how the hack was handled. This ruling demands a comprehensive review of the incident, signaling that the exchange is not yet cleared of any wrongdoing.
How Has Binance Affected WazirX’s Market Position?
Binance’s decision to remove the WRX token from its listings has severely impacted WazirX’s market performance. Following this announcement, WRX prices fell to $0.1132, with the trading volume also decreasing by roughly 19%. This downturn reflects a broader sentiment of uncertainty surrounding the exchange’s stability.
The hacking incident, which resulted in the theft of approximately $230 million, has raised alarms throughout the cryptocurrency sector. Stakeholders are now more mindful of security measures and regulatory oversight. Key takeaways include:
- WazirX’s reputation has been adversely affected.
- Increased scrutiny may lead to further regulatory actions.
- Investors are urged to prioritize security in their assessments.
With these developments, WazirX faces significant hurdles that could alter its trajectory in the competitive cryptocurrency landscape. The negative ramifications of Binance’s delisting and the court’s inquiry highlight pressing issues that the exchange must address to regain trust and stability.
