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Binance-WazirX Conflict Results in ₹170 Crore Loss for WazirX Customers
The ongoing controversy between Binance and WazirX has taken a devastating turn, with the latter’s users bearing the brunt of the conflict. According to recent reports, Binance’s decision to delist WazirX’s native token, WRX, has resulted in a staggering loss of ₹170 crore (approximately $20.4 million) for its customers.
The situation unfolded when Binance, one of the world’s leading cryptocurrency exchanges, removed WRX from its platform. This move allegedly came as a revenge measure against WazirX, following a long-standing ownership dispute between the two entities. The conflict has been ongoing since July 2024, with WazirX facing significant losses after it suffered a cyber incident that wiped out almost 45% of customers’ funds.
As a result of Binance’s decision to delist WRX, the token’s value plummeted by an astonishing 95%. This drastic downfall in trade price has led to a substantial loss for WazirX customers. The exchange had previously secured ₹170 crore from its users as part of its restructuring scheme, which was allegedly based on the token’s past prices.
Critics have accused Binance of being aware of the potential losses that this decision would inflict upon WazirX investors and yet chose to proceed with the delisting. This move has sparked outrage among crypto enthusiasts, who argue that Binance’s actions were reckless and unjustified.
While it is essential for cryptocurrency exchanges like Binance to maintain their platforms by removing underperforming or low-demand tokens, some have questioned the timing and motivations behind this decision. It appears that the conflict between WazirX and Binance has led to an unprecedented loss for investors, further exacerbating an already challenging situation.
As the crypto community continues to monitor the unfolding saga, it remains to be seen how WazirX will recover from this devastating blow. In the meantime, many are left wondering whether Binance’s actions were indeed a calculated move to punish WazirX or merely a misguided attempt to reorganize its platform.
Source: bitcoinik.com
