WazirX Crypto Exchange Cancels All Open Orders
If you’re following the recent news about WazirX, you might be interested to know that the Indian crypto exchange has taken a significant step. WazirX recently announced that it has canceled all outstanding open orders on its platform. This move is part of the exchange’s ongoing efforts to address issues related to Indian rupee and crypto balances. Here’s what you need to know about this development:
What Happened?
- WazirX announced the cancellation of all open orders on its platform.
- This action is part of the exchange’s efforts to resolve issues with Indian rupee and crypto balances.
Background
WazirX faced a major setback earlier this year when it was hacked, resulting in the loss of millions of dollars worth of cryptocurrencies. The exchange was hit with a $230 million hack in July, in which hackers stole a significant amount of Shibu Inu tokens, Ethereum, and Polygon’s native token Matic. Other tokens lost in the theft included Pepe, USDT, and Gala’s native token.
Recent Developments
Following the hack, WazirX took the decision to cancel all open orders on its platform. Any Indian rupee or crypto assets that were blocked in these open orders will now be added to users’ respective balances. This move is seen as a step towards resolving the issues faced by the exchange.
What’s Next?
- WazirX is still working to address the fallout from the July hack.
- It remains unclear whether the recent order cancellations are linked to the previous security breach.
- The exchange has not provided further details on the connection between the two events.
WazirX’s Reputation
WazirX is known as one of India’s largest and fastest-growing crypto exchanges. The Mumbai-based firm also claims to be the most trusted Bitcoin and cryptocurrency exchange in the country. Despite these claims, the exchange’s native token, WRX, has seen a significant drop in value since its all-time high in April 2021.
Token Performance
- WazirX’s native token, WRX, has fallen 97% from its all-time high of $5.88 in April 2021.
- Despite the recent developments, the token is trading 1.2% higher on the day.
- Following the July hack, WRX experienced a 25% slump in value.
Hot Take: What to Make of WazirX’s Recent Actions
As an investor or crypto enthusiast, it’s essential to monitor the actions of cryptocurrency exchanges like WazirX. The recent decision to cancel all open orders reflects the exchange’s commitment to addressing security and balance issues. While the connection between this move and the July hack remains unclear, it’s a positive step towards rebuilding trust in the platform.
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