The recent theft of 45% of investor funds ($230 Million) from WazirX, a major cryptocurrency exchange, and subsequent suspension of its platform has ignited a significant controversy in India.
Thousands of WazirX investors are demanding retrieval of their funds even as the exchange owners have been unable to come up with a concrete compensation plan, in the past 30 days of the hack.
In the midst of this ongoing crisis, the WRX coin, the official token of WazirX- has continued to show remarkable resilience and growth. Despite a suspiciously low trading volume, the coin has maintained an upward trajectory in the past one month of the exchange hack.
WRX has maintained a steady pattern over the past week, rising and holding its resistance level and is currently valued at $0.15 with an overall positive trajectory. Overall data shows that the value of WRX fell only on two occasions in the past 30 days- once on July 18 when the WazirX exchange was hacked and the other on August 8, when global markets crashed and Bitcoin had also slumped drastically on Black Monday.
In this exclusive article by The Crypto Times, we will track the performance of WRX coin and seek answers for its unexpected growth despite the crisis.
Technical Analysis of WRX
In technical analysis, a standard bullish pattern involves higher highs formed after higher lows, indicating the potential for an upward trend that might lead WRX to $0.5 in the near future. This situation raises questions about how the token is climbing despite the suspension of platform and the ongoing protests by investors.
The coin has a stupendously low trading volume of $1.01 Million and despite it, the coin has maintained steady growth throughout July and August. According to experts, there can be several reasons behind it including bot trading, alleged insider activities, or the coin holding some real potential.
1 Billion Reasons Why WRX Keeps Pumping
Experts believe that the reason why WRX still remains pumping, is because of WazirX’s financial success, despite the $230 million hack. The platform’s profits from WRX tokens are substantial. With WRX currently priced at $0.145.—up from its IEO price of $0.02—the ROI stands at 6.57x (+556.8%) and 7.3x (+629.7%) from the private sale. Total funds raised were $2.9 million.
Moreover, the WRX foundation was allotted 30% of WRX tokens, which means the team’s potential earnings from unlocked tokens and investments in high-value projects could easily surpass $1 billion.
Many users on X’ have raised serious questions about WazirX’s approach towards their customers post the hack and an alleged lack of transparency regarding their own profits.
As highlighted by Crypto Patel’s tweet, several users are questioning whether WazirX intends to compensate them for their losses.
Conclusion
As WazirX works to restore trust and provide clarity on resolving INR and crypto assets on the platform, the community remains divided. Many questions remain unanswered, leaving users frustrated over their money.
Amidst the blame game, the WRX token continues to pump, raising further questions about market dynamics and the true state of affairs. The crypto world will continue to watch closely, eager to see how WazirX navigates this crisis and what steps are taken to prevent such incidents in the future.
Also Read: “Why didn’t you warn us before?” WazirX co-founder asks month after hack
