In the world of cryptocurrency trading, the relationship between exchanges can sometimes be tumultuous. Recently, some crypto influencers have made claims against the leadership of Binance, alleging that they engaged in a game against the WazirX exchange that ultimately had a negative impact on WazirX customers who were already facing significant losses.
WazirX, once a top-ranked crypto trading platform in India, experienced a cyber incident in July 2024 that resulted in the loss of approximately 45% of customers’ funds. Following this incident, WazirX suspended all crypto services, leading to a legal dispute between Binance and WazirX over ownership rights and the recovery of the exchange.
On January 2, 2025, a popular Crypto X account representing WazirX victims claimed that Binance sought revenge by delisting WazirX’s native token, $WRX, as part of their ongoing legal battle. WazirX currently holds 83 million WRX tokens, valued at nearly $2.4 million, with the price of the token plummeting by 95% following its delisting on December 25, 2024.
The delisting of the $WRX token by Binance had a significant impact on its trade price, which dropped to $0.023 and even lower at times. Despite this, WazirX allegedly implemented a restructuring scheme that secured 170 crore INR ($20.4 million) from customers, a move criticized by some as a scam.
While Binance has the right to delist tokens based on performance and customer demand, critics argue that their decision to delist $WRX, knowing the potential financial impact on investors, was unfair. The deliberate pump of the $WRX token on Binance to create an exit strategy also drew criticism.
As WazirX customers continue to navigate the aftermath of the cyber incident and subsequent legal disputes, there is hope that funds will be released before March 2025. The saga between Binance and WazirX serves as a reminder of the volatility and risks associated with the cryptocurrency market, highlighting the importance of due diligence and caution when trading digital assets.