India’s Largest Crypto Exchange Crashes as Investors Scramble to Exit
The meltdown in the cryptocurrency market on Wednesday has left millions of users of India’s largest cryptocurrency exchange, WazirX, fuming as the exchange’s services reportedly crashed.
Users in India took to social media platform Twitter to raise the issue with the company’s official Twitter handle and the exchange’s founder Nischal Shetty.
While users were able to sell and buy certain cryptocurrencies on WazirX’s mobile application, several features such as charts were unusable, users of the app told ETMarkets.com.
“The heavy price dip in the market has encouraged more people to buy into the dip thereby causing a tremendous surge in our traffic. We’re seeing approximately 400% more traffic than what we witnessed in the previous month,” WazirX said in an email to ETMarkets.com.
India’s Largest Crypto Exchange Crashes
“Our team is working on bringing WazirX back up. Moreover, to accommodate the rapidly growing traffic and volume, we’re working on an upgrade for the WazirX trading engine named Project Raftaar,” WazirX said.
WazirX is not the only exchange that is facing technical troubles due to the deluge of investors rushing to exit their positions or buy into the dip. Global exchanges such as Binance and Coinbase reported issues in withdrawals.
The crash on Wednesday was in reaction to media reports in China that the country has banned financial and payment institutions from cryptocurrency business.
Cryptocurrencies are under severe selling pressure that has seen Bitcoin and Ethereum erase nearly half their record highs.