Indian crypto exchange Minister X It faced mounting challenges after the Delhi High Court on December 18 — the same day — ordered a fresh probe into the platform. Binance announced that it will delist the native token of the WRX exchange.
The probe, spurred by allegations of previous hacking and concerns about financial irregularities, represents heightened scrutiny at the beleaguered exchange.
The court order came after lawyer Jaivir Bains filed a petition seeking criminal proceedings against Minister X in connection with the July 2024 breach that led to the loss of 235 million dollars in crypto
The initial reports of the Delhi Police have come to this conclusion No criminal record It was provable, but Judge Sanjeev Narula rejected the findings and required an updated status report by February 2025.
The investigation highlights remaining doubts about the operational integrity of Minister X, particularly in light of allegations that a North Korean hacker group orchestrated the breach. Despite a partial recovery effort by cybersecurity firm Cyfirma, the exchange admitted that 43 percent of customer funds remained unrecoverable.
Remove Binance from the list
The legal development is as announced by Binance Delete from the list WRX, citing non-compliance standards.
The delisting, effective Dec. 25, caused the WRX to drop 59 percent in value, reflecting declining investor confidence. It also has Binance Denial of ownership Minister X claims that the exchange is controlled by Zanmai Labs, which operates under the jurisdiction of India's Financial Intelligence Unit.
As Minister X tries to regain stability, including plans to relaunch its platform and introduce a decentralized exchange, critics have highlighted shortcomings in its crisis management and transparency. A legal analyst familiar with the case said: “The court's move to order a new investigation shows the seriousness of the allegations and raises questions about the future of Minister X.”
WazirX has pledged to rebuild with improved services, but a combination of regulatory scrutiny, financial losses and market volatility pose a major challenge for the once prominent exchange.
