WazirX, a major cryptocurrency exchange based in India, reached a record high in trading volume, despite being in the midst of a legal uncertainty.
According to CEO Nischal Shetty, Indian cryptocurrency exchange WazirX recorded more than $ 270 million in trading volume in 24 hours, reaching an all-time high for any exchange in the country.
However, the increase in trade volume caused a major disruption in the system infrastructure of the exchange. Shortly after announcing the all-time high trading level; An outage occurred due to system malfunctions lasting more than four hours. According to Shetty, the crypto exchange has reached “some internal limits” set by infrastructure providers.
During the outage, 1.8 million users of the exchange were affected by this situation as they could not see any money in their accounts. Shetty explained that one of the systems showing the fund values was malfunctioning because some of the systems collapsed, which was caused by this error and added: “When a part of the system fails, there is a ripple effect on all services. It will take time to bring back transactions due to the scaling we operate. Please be patient, it will be back soon. Our team is interested. ”
Stating that the wallets are safe, the CEO reported that after four hours, users were able to see the funds in their accounts again, but trading was still disabled.
Launched in March 2018, WazirX was acquired by Binance in 2019. According to CoinMarketCap, WazirX ranks among the top 27 crypto exchanges globally based on trust in its legitimacy, as well as in liquidity, traffic and trading volumes.
The increase in trade volume on the Indian stock exchange is also following the regulatory uncertainties on the country’s cryptocurrencies. Indian legislators previously called for a general ban on the new asset class. This is forbidden; It could entail the possibility that those who trade, adopt, hold or transfer digital assets in the country may be penalized. The rumors of the ban caused Ethereum, Bitcoin, Dogecoin and other cryptocurrency investors in the country to be affected.