India’s largest cryptocurrency exchange, WazirX, experienced disruptions as the system crashed for more than four hours on Sunday.
In a tweet at 17:24 UTC, WazirX CEO Nishal Shetty said the exchange had “reached some internal limits” set by an infrastructure provider. The burden on the minister’s system allegedly created a “ring effect for all services,” resulting in some of the exchange’s 1.8 million users reporting that they could not see any money in their accounts during the result.
“This is because parts of the system are not working,” Shetty said. Such a system is what shows the value of the fund. It will start appearing again once all services are restored. ”
After more than four hours, the CEO announced that users could once again see the money in their accounts and cancel orders, but said trading was still disrupted.
Siddharth Menon, WazirX co-founder and CEO, said the exchange had seen record high transaction volumes on its systems shortly before the crash. Shetty revealed that the company’s trading volume in the 24 hours before it exceeded $ 270 million, making it one of the largest cryptocurrency exchanges in India. Additionally, the price of WRX’s WazirX token increased by more than 160% in the last day, reaching $ 4.15 at time of publication.
For several months, there have been reports that the Indian government has been planning a possible ban on private cryptocurrencies. Shetty has joined other Indian exchanges in preparing a presentation note highlighting the country’s cryptocurrency guidelines. The CEO of WazirX said this approach was necessary given the government’s negative attitude towards cryptocurrencies.