WazirX WRX Price Drops 50% After Binance Announces Delisting

WazirX (WRX) has encountered significant setbacks, with the price of its token plummeting over 50% today after Binance announced it would be delisting WRX along with two other cryptocurrencies.

In addition, the Indian exchange is facing renewed legal challenges as the Delhi High Court has ordered a fresh investigation into the hack that drained $230 million from its platform earlier this year.

The latest court ruling came after the Delhi Police submitted a report that failed to provide sufficient grounds for a criminal investigation into the hack. Justice Sanjeev Narula rejected this report, directing the police to present a new status update by February 2025.

This marks another blow for WazirX, as it faces heightened scrutiny over the breach that was one of the biggest crypto scams of the year. The court’s decision signals that the exchange’s management could face further investigation.

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Meanwhile, WazirX’s WRX token is reeling from the announcement by Binance that it will delist the token, along with AKRO and BLZ, as part of a routine asset review. This decision led to a dramatic 52.65% drop in the token’s value, sinking to $0.1132 from a high of $0.2494 earlier in the day.

The delisting will take effect on December 25, 2024, with Binance halting trading for the affected pairs. The news has already resulted in a 19% drop in WRX’s 24-hour trading volume, exacerbating the exchange’s challenges.

Alexander Zdravkov