WazirX WRX Token Drops Over 60% Following Binance Delisting Announcement
WazirX’s WRX token dropped over 60% in one day after Binance announced it would delist the cryptocurrency. The value fell from a peak of $0.2490 to a low of $0.09893, despite an 18.80% increase in trading volume, which reached $31.18 million.
Binance cited its asset evaluation process for the delisting decision, which also included AKRO and BLZ. Key trading pairs SUI/TUSD and BNT/ETH will be removed starting December 20. Users are assured that alternative trading options for these tokens remain available on the platform.
Additionally, Binance plans to disable Spot Trading Bots for affected pairs, emphasizing market efficiency and user protection. Users are advised to adjust or cancel their bots to prevent potential losses due to this deactivation.
WazirX Faces Fresh Probe in India
WazirX is under renewed legal scrutiny in India, with the Delhi High Court ordering a new investigation into the exchange following a significant security breach that resulted in hackers stealing $235 million earlier this year. Advocate Jaivir Bains filed the petition regarding the breach.
Thanks to Delhi High court 🙏 https://t.co/LmHSYtJQkg
— Justice for WazirX Users (@IndiasCrypto) December 18, 2024
Justice Sanjeev Narula dismissed initial findings by Delhi police that no criminal case could be established and instructed them to submit a new status report by February 13, 2025. This directive may lead to further legal challenges for the exchange as investigations continue.
The breach has drawn criticism from the crypto community, raising concerns about WazirX's ability to safeguard users' assets and undermining confidence in its security measures.
Binance Delisting Shakes Crypto Market
Binance's delisting announcement caused significant market volatility beyond WRX. Sui (SUI) decreased by 6% to $4.53 but retained a 19.67% weekly gain. Hamster Kombat (HMSTR) dropped 8.18% to $0.002993, resulting in a 21.09% decline over the past month.
Other cryptocurrencies were similarly impacted: Bancor (BNT) fell 7.19%, Cyber (CYBER) decreased by 8.43%, and Anchored Coins (AEUR) declined 4% to $0.9802. These trends underscore Binance's considerable influence on market dynamics.