Indian cryptocurrency exchange WazirX is facing increasing challenges after the Delhi High Court ordered a new investigation into the platform on Dec. 18, the same day Binance announced it would delist the exchange’s native token, WRX.
The investigation, sparked by allegations of previous hacks and concerns about financial irregularities, signals growing scrutiny of the exchange.
The court’s order comes after lawyer Jaivir Bains filed a petition seeking criminal charges against WazirX in connection with a July 2024 attack that resulted in $235 million in cryptocurrency losses.
A preliminary report by Delhi police concluded that no criminal case could be proven, but Judge Sanjeev Narula dismissed the findings and asked for an update by February 2025.
There have been allegations that a North Korean hacking group was behind the intrusion. Despite partial recovery efforts led by cybersecurity firm Cyfirma, the exchange admitted that 43% of customer funds remain unrecoverable.
At the same time, Binance announced that it would delist WRX, citing failure to meet compliance standards. The delisting took effect on December 25, causing WRX to fall nearly 60% in 24 hours. (CryptoSlate)