{"id":458099,"date":"2024-12-18T19:00:55","date_gmt":"2024-12-18T19:00:55","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=458099"},"modified":"2024-12-18T19:00:55","modified_gmt":"2024-12-18T19:00:55","slug":"delhi-high-court-orders-new-probe-into-wazirx-amid-binance-delisting","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/delhi-high-court-orders-new-probe-into-wazirx-amid-binance-delisting\/","title":{"rendered":"Delhi High Court orders new probe into WazirX amid Binance delisting"},"content":{"rendered":"<p>Indian crypto exchange <a href=\"https:\/\/cryptoslate.com\/companies\/wazirx\/\">WazirX<\/a> faces mounting challenges after the Delhi High Court ordered a fresh investigation into the platform on Dec. 18 \u2014 the same day <a href=\"https:\/\/cryptoslate.com\/companies\/binance\/\">Binance<\/a> announced it would delist the exchange's native token WRX.<\/p>\n<p>The probe, spurred by allegations of a prior hack and concerns over financial irregularities, signals intensifying scrutiny on the beleaguered exchange.<\/p>\n<p>The court's directive came after Advocate Jaivir Bains filed a petition calling for criminal proceedings against WazirX in connection with a July 2024 breach that resulted in a loss of <a href=\"https:\/\/cryptoslate.com\/hacker-nearly-completes-laundering-230-million-stolen-from-wazirx\/\">$235 million<\/a> in crypto.<\/p>\n<p>Initial reports from Delhi police concluded that <a href=\"https:\/\/cryptoslate.com\/delhi-police-arrest-key-suspect-in-235m-wazirx-crypto-breach\/\">no criminal case<\/a> could be substantiated, but Justice Sanjeev Narula rejected the findings and required an updated status report by February 2025.<\/p>\n<p>The investigation highlights lingering doubts about WazirX's operational integrity, particularly in light of allegations that a North Korean hacking group orchestrated the breach. Despite a partial recovery effort led by cybersecurity firm Cyfirma, the exchange admitted that 43% of customer funds remain unrecoverable.<\/p>\n<h2>Binance delisting<\/h2>\n<p>The legal development comes as Binance announced it would <a href=\"https:\/\/www.binance.com\/en\/support\/announcement\/binance-will-delist-akro-blz-wrx-on-2024-12-25-b140faee7cf9482cb10257308abda245\">delist<\/a> WRX, citing a failure to meet compliance standards.<\/p>\n<p>The delisting, effective Dec. 25, triggered a 59% drop in WRX's value, reflecting eroded investor confidence. Binance has also <a href=\"https:\/\/cryptoslate.com\/binance-clarifies-it-never-owned-wazirx-demands-accountability\/\">denied ownership<\/a> of WazirX, alleging the exchange is controlled by Zanmai Labs, which operates under the jurisdiction of India's Financial Intelligence Unit.<\/p>\n<p>While WazirX attempts to regain stability, including plans to relaunch its platform and introduce a decentralized exchange, critics have highlighted deficiencies in its crisis management and transparency. &#8220;The court's move to demand a fresh probe reflects the severity of the allegations and raises questions about the future of WazirX,&#8221; said a legal analyst familiar with the case.<\/p>\n<p>WazirX has pledged to rebuild with enhanced services, but the combination of regulatory scrutiny, financial losses, and market instability poses a formidable challenge for the once-prominent exchange.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Indian crypto exchange WazirX faces mounting challenges after the Delhi High Court ordered a fresh investigation into the platform on Dec. 18 \u2014 the same day Binance announced it would delist the exchange&#8217;s native token WRX. The probe, spurred by allegations of a prior hack and concerns over financial irregularities, signals intensifying scrutiny on the [&hellip;]<\/p>\n","protected":false},"author":1250,"featured_media":438482,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1,39,77968,16041,60793],"tags":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Delhi High Court orders new probe into WazirX amid Binance delisting<\/title>\n<meta name=\"description\" content=\"The Delhi High Court demands a fresh investigation in response to allegations of financial irregularities and a North Korean-linked hack.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/delhi-high-court-orders-new-probe-into-wazirx-amid-binance-delisting\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Delhi High Court orders new probe into WazirX amid Binance delisting\" \/>\n<meta property=\"og:description\" content=\"The Delhi High Court demands a fresh investigation in response to allegations of financial irregularities and a North Korean-linked hack.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/delhi-high-court-orders-new-probe-into-wazirx-amid-binance-delisting\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2024-12-18T19:00:55+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2024\/08\/wazirx-1-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Assad Jafri\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Assad Jafri\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/delhi-high-court-orders-new-probe-into-wazirx-amid-binance-delisting\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/delhi-high-court-orders-new-probe-into-wazirx-amid-binance-delisting\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/assad-jafri\/#person\",\"name\":\"Assad Jafri\",\"url\":\"https:\/\/cryptoslate.com\/author\/assad-jafri\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/assad-jafri\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/assad-jafri\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/02\/cs-syed.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/02\/cs-syed.jpg\",\"caption\":\"Assad Jafri\"},\"jobTitle\":\"Former Editor & Reporter\",\"description\":\"AJ, a passionate journalist since Yemen's 2011 Arab Spring, has honed his skills worldwide for over a decade. 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