Binance Delisting Sends WazirX (WRX) Token Into Freefall By Over 57%

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Binance Delisting Sends WazirX (WRX) Token into Freefall by Over 57%

Binance has announced the delisting of the WazirX WRX token on December 25.

Following the announcement, WRX has dropped by over 57%.

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Binance, the largest cryptocurrency exchange with over 250 million users, announced the delisting of the WazirX (WRX) token on December 25, 2024, at 03:00 UTC.

The decision comes after Binance’s periodic reviews of listed assets to ensure standards like development activity, network stability, trading volume, and regulatory compliance. According to Binance,

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“When a coin or token no longer meets these standards or the industry landscape changes, we conduct a more in-depth review and potentially delist it.”

WazirX’s July Hack and Wallet Activity

In July 2024, WazirX, India’s major crypto exchange, witnessed a massive hack resulting in losses of over $230 million. Affected users have faced months of dilemma regarding the fund recovery. However, WazirX’s recent wallet activity has grabbed the attention.

An on-chain data unveils that a WazirX wallet has received $200 million worth of crypto tokens from a Binance-linked wallet. The amount transacted appears to match the missing funds of the hack, leading to the reimbursement initiative. Funds have been moving between wallets, involving tokens like ETH, SHIB, PEPE, and LINK.

Sharp Decline of WRX Token

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The Binance announcement has caused the WazirX (WRX) token to plunge by over 57.55%. At the time of writing, WRX trades at $0.1019. In the early hours, the asset traded at a high of $0.2494, and eventually plummeted to $0.09918. WRX’s current market cap stands at $38.86 million, with its daily trading volume resting at $26.81 million, according to CMC.

Other Tokens at Risk of Binance Delisting

Besides WRX, Binance reportedly plans to delist tokens like Kaon (AKRO) and Bluzelle (BLZ) following its evaluation process. The delisting of these tokens is also scheduled for December 25, 2024.

Moreover, the exchange has recently announced the delisting of tokens including SUI, HMSTR, CYBER, BNT, and AEUR from its trading pairs on December 20, 2024. Following the Binance declaration, these tokens have seen a price drop.