Delhi High Court orders new probe into WazirX amid Binance delisting
WazirX, an Indian crypto exchange, faces increased scrutiny following a Delhi High Court order for a new investigation into the platform, coinciding with Binance's announcement to delist its native token WRX. The investigation stems from allegations of a July 2024 hack that resulted in a $235 million loss, with concerns over financial irregularities. Initial police reports found no criminal case, but the court has mandated an updated report by February 2025. The probe raises doubts about WazirX's operational integrity, particularly regarding claims of involvement by a North Korean hacking group. Despite partial recovery efforts, 43% of customer funds remain unrecoverable. Binance's delisting of WRX, effective December 25, led to a 59% drop in its value, reflecting diminished investor confidence. Binance denies ownership of WazirX, asserting it is controlled by Zanmai Labs. WazirX aims to stabilize and relaunch its platform amid ongoing regulatory challenges and market instability.
