Some crypto influencers claimed that the Binance leadership played a game against the WazirX exchange in a bad situation, and that game ended up with a very bad outcome for the WazirX customers, who were already struggling with all funds loss.
WazirX was a top-ranked crypto trading platform in India, but in July 2024, this exchange faced a cyber incident & lost almost 45% of the customers’ funds. With that incident, the exchange suspended all its crypto services and the matter of Binance vs WazirX emerged as the top issue for the recovery of WazirX’s exchange from the current struggling phase.
On 2 Jan 2025, A popular Crypto X account dedicated to representing the victims of the WazirX cyber incident claimed that Binance exchange took revenge by delisting WazirX’s native token $WRX against WazirX exchange as a part of their ongoing legal dispute over the ownership fight of WazirX exchange.
According to data available in the public domain, the WazirX exchange currently holds 83 million WRX tokens, which are currently worth nearly $2.4 million at the current trade price of this token.
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On 25 Dec 2024, the $WRX token was delisted by Binance crypto exchange, the world’s top crypto exchange. Because of that action, the trade price of this token already started facing a downfall on 18 Dec 2024. Now, the current trade price of this crypto token is $0.023, which means a 95% downfall in the trade price.
Notably, in this period, the trade price of this token many times collapsed to the $0.017 level, which shows a clear picture of the downfall of the $WRX token.
According to the Crypto X user, WazirX leadership used the past price label of this token & in this situation, we can say that WazirX wisely secured 170 crore INR ($20.4 million) from the WazirX customers as a part of the exchange’s restructuring scheme.
So, in this way, Binance’s revenge against WazirX resulted in a net loss for the WazirX customers, who were already struggling badly.
However this crypto X user admitted that Binance exchange has full right to delist any crypto token, on behalf of token performance & demand of customers, but they’re not right with the $WRX token delisting decision because they were aware of this situation & also they were aware of the potential loss for the crypto investors, which have nothing to do with the crypto investors.
Read also: If everything goes smoothly, WazirX will release funds before March 2025
Binance-WazirX conflict results in ₹170 crore loss for WazirX customers
https://bitcoinik.com/binance-wazirx-conflict-results-in-%e2%82%b9170-crore-loss-for-wazirx-customers/feed/
https://bitcoinik.com/binance-wazirx-conflict-results-in-%e2%82%b9170-crore-loss-for-wazirx-customers/feed/
