WazirX Takes a 7% Nosedive Amid Court’s Latest Payment Stall
Another week, another delay—WazirX investors left hanging as judicial red tape pushes repayments into oblivion. The exchange’s value tanks 7% while courts move at the speed of a 1990s bank transfer.
Legal limbo meets crypto volatility: a match made in financial purgatory. Traders brace for more turbulence as regulators and judges play ping-pong with their money.
Funny how ’decentralized’ finance still winds up waiting on centralized authorities. Maybe next time they’ll just code a smart contract to bypass the whole ’justice system’ thing.
Source: CoinMarketCap
Its market cap has dropped to $10.97 million, pushing the token down to #1083 in global rankings, according to CoinMarketCap.
The sudden drop comes just days after the Singapore court reviewed WazirX’s repayment plea on May 13 but refused to approve it. Instead, the court asked WazirX to submit additional affidavits by May 23 and extended the ongoing moratorium until June 6. This delay has clearly shaken user confidence.
The exchange had filed application SUM 940, hoping to restart withdrawals for users whose funds have been stuck for months. But with the court asking for more paperwork, the next MOVE depends entirely on what WazirX submits by the May 23 deadline.
If the court is satisfied, user withdrawals may finally begin after June 6. But if there’s another delay, WRX could face more downside. For now, the sentiment remains weak, and the market isn’t taking the latest update well.
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