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Updated on : Monday, April 5, 2021, 11:44 AM IST

WazirX outage: Did the cryptocurrency exchange announce entry into NFT market in between complaint of outage in existing services

WazirX outage: Did the cryptocurrency exchange announce decentralised NFT service in between the complaints of outage

Many users have been complaining about the outage faced by India’s largest cryptocurrency exchanges, WazirX since Sunday night. Users have found the money which was deposited in the wallet is not reflecting in their accounts. While this has caused fear among the users, WazirX, CEO, Nischal Shetty stated that money is safe and they are fixing the problem.

Weâre awake and weâre monitoring the systems. There might be intermittent errors, team is working on solving those. https://t.co/qPrHIwL7O0
— Nischal (WazirX) â¡ï¸ (@NischalShetty) April 4, 2021

In between this technical issue faced by the users, Shetty has announced that WazirX will provide decentralised NFT marketplace. The timing of the announcement comes as their existing services are hit due to rise in traffic.

ð¨ Launching decentralized NFT marketplace ð¨

Buy, sell, trade digital assets & intellectual properties, including art pieces, audio files, videos, programs & even tweets.

Pre-register & join our Telegram channel to stay updated ðhttps://t.co/dWhZzpeise
— WazirX: Bitcoin & Cryptocurrency Exchange in India (@WazirXIndia) April 5, 2021

Day 886

The more useful products we build for Crypto in India, the better we showcase why #IndiaWantsCrypto

This is our next step towards making Crypto accessible to everyone in India.

Decentralised NFT marketplace by WazirX ðhttps://t.co/0YsWZjDZ8f
— Nischal (WazirX) â¡ï¸ (@NischalShetty) April 5, 2021

It is found that the Binance-owned exchange crash came just shortly after the Indian cryptocurrency exchange WazirX had crossed $270 million in daily trading volume. The founder of the company claimed this is the highest trading volume by any crypto exchange in India, ever. The issue which the users are facing is mainly because of traffic, confirmed Shetty in his post in the microblogging site.

No matter how much you prepare for traffic, some system loads are crazy.

Wallet is safe, yes. The load on our systems are way too much. Scaling is taking longer. https://t.co/H5rklCILPm
— Nischal (WazirX) â¡ï¸ (@NischalShetty) April 4, 2021

Weâve hit some internal limits set by one of our infrastructure providers. Working with them to get this increased asap.

Please bear with us while we get this resolved.
— Nischal (WazirX) â¡ï¸ (@NischalShetty) April 4, 2021

WazirX exchange is one of the many cryptocurrency exchanges that Indian investors use to trade in Bitcoin, Ethereum, among other cryptocurrency currencies. This new outage news comes at a time when the exchange’s own token WRX touches a high of $5.87, according to Coinmarket. Meanwhile, WazirX’s market capitalisation has crossed 1.16 billion.

There is one particular user who has taken to Twitter to inform the exchange that it’s been four days since he deposited the amount. The money is not reflecting in the bank account nor in WazirX.

Kindly let me know about my deposit amount itâs been 4days itâs not even in bank account nor in WazirX when will I get it back
— siddhant kothari (@siddhantkotha11) April 5, 2021

Deposit $BUSD have a problem, please fix it, its more than 2 days
— kalam hanan (@kalamhanan) April 4, 2021

There were many users who are still complaining about the issue on the platform.

@NischalShetty Glitch or are you guys insane after your coin is 200% up?
Check screenshot.
If i want to transfer 3153 coins to my Binance account, withdrawal fees 2685? I'll receive only 468 coins? Wake up! People will throw you out if you act insane! #Crypto #WazirX #stormx pic.twitter.com/m7bpqwi19I
— CMRS (@0_0hlala) April 5, 2021

The website and app got hanged while price was increasing on Binance. People placed orders based on Binance price and when price fell down, the site started working and all old orders were processed at those high prices. Isn't WazirX liable to compensate users for this?
— Sahil Kumar (@sahil_pec) April 4, 2021

pls explain the difference between the prices, pic.twitter.com/y7k3mU2hJe
— Paritosh Sharma (@paritosh3177) April 4, 2021

@WazirXIndia since ystrday's glitch, i got log out automatically, then credentials error start popping though i was sure about credentials, today I have reset my pswd now i am gtng this error
Hv already lost so much bcoz of tchnical glitch pls help @NischalShetty #WazirX #WRX pic.twitter.com/nqaTPsu7GO
— Paras Dhingra (@paras_dh) April 5, 2021

In addition, the latest announcement did not go well with some users who are worried about their money with WazirX.

First improve basic services ð @WazirXIndia @cz_binance @binance pic.twitter.com/dgDoZ1z3pF
— Sujoy (@TheOfficialDeFi) April 5, 2021

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WazirX outage: Did the cryptocurrency exchange announce entry into NFT market in between complaint of outage in existing services

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