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[Blockchain Today Reporter Park Yohan] Cointelegraph reported that WazirX, India’s major cryptocurrency exchange, was shut down for more than four hours due to a system failure on the 4th (local time).
Reportedly, WazirX CEO Nischal Shetty said in a tweet at 5:24 PM UTC that “the cryptocurrency exchange has reached its internal limits set by one of its infrastructure providers.” It is known that the load on the Wazir system caused ripple effects on all services, and this may indicate that 1.8 million transaction user accounts have no funds during the shutdown.
“There was a problem with some of the system due to server load. There was a problem with loading the services, such as displaying funds in the account, service pages, and transactions, but the wallet is safe. All services will be displayed again as soon as they are backed up,” Shetty said.
The CEO reported that after more than four hours, users could see funds in their accounts again and cancel orders, but said the transaction was still impossible.
According to Siddharth Menon, co-founder and chief operating officer of WazirX, the exchange always showed high levels of trading throughout the system right before a power outage. Shetty reports that the company has seen more than $270 million in trading volume in the last 24 hours, which is recognized as India’s largest cryptocurrency transaction. In addition, the price of WazirX’s proprietary token WRX reached $4.15 at the time of the press, and rose more than 160%.
Reports have been circulating for months claiming that the Indian government plans to introduce a potential ban on private cryptocurrencies. Shetty is joining representatives from other exchanges in India and is writing a presentation note highlighting recommendations for the country’s cryptocurrency regulations. CEO WazirX emphasized that this approach is necessary, considering the government’s negative position on cryptocurrency.