In recent news, some crypto influencers have alleged that the leadership of Binance engaged in a strategic game against the WazirX exchange, resulting in a detrimental outcome for WazirX customers who were already reeling from significant fund losses. WazirX, a prominent crypto trading platform in India, suffered a cyber incident in July 2024 that led to a loss of approximately 45% of customers’ funds. Following this incident, WazirX suspended all crypto services, sparking a contentious dispute between Binance and WazirX.
On January 2, 2025, a well-known Crypto X account representing WazirX cyber incident victims claimed that Binance retaliated by delisting WazirX’s native token, $WRX, as part of an ongoing legal battle over ownership rights of the exchange. Records indicate that WazirX currently holds 83 million WRX tokens, valued at nearly $2.4 million at the current trade price.
Binance, the world’s leading crypto exchange, delisted the $WRX token on December 25, 2024, causing a significant decline in its trade price starting on December 18, 2024. The current trade price stands at $0.023, reflecting a staggering 95% decrease. The token’s value plummeted to $0.017 multiple times during this period, underscoring the substantial decline.
According to the Crypto X user, WazirX leveraged the previous price label of the token to secure approximately 170 crore INR ($20.4 million) from customers as part of a restructuring scheme. Binance’s decision to delist the $WRX token resulted in a substantial financial loss for WazirX customers already facing challenges.
While acknowledging Binance’s authority to delist tokens based on performance and customer demand, the Crypto X user criticized the decision to delist the $WRX token. They argued that Binance was aware of the situation and the potential losses for crypto investors, which were not justified.
In light of these developments, it is crucial for investors to stay informed and cautious in the volatile crypto market. The ongoing feud between Binance and WazirX underscores the importance of due diligence and vigilance when engaging in cryptocurrency trading. Stay tuned for updates on the evolving situation between these two prominent exchanges.