Investors take to Twitter as India's largest crypto exchange crashes

Amid the meltdown in the crypto market, investors in India were left fuming as WazirX’s services reportedly crashed. WazirX is the largest cryptocurrency market in the country. Many users took to Twitter saying transactions were not processed within the timeframe.

“The heavy price dip in the market has encouraged more people to buy into the dip thereby causing a tremendous surge in our traffic. We’re seeing approximately 400% more traffic than what we witnessed in the previous month. The severity of today’s market crash has also caused some of the top international crypto exchanges to face an outage,” Nischal Shetty, Founder, WazirX told Money9.

“Our team is working on bringing WazirX back up. Moreover, to accommodate the rapidly growing traffic and volume, we’re working on an upgrade for the WazirX trading engine named Project Raftaar. We are on track and the first version should be ready soon,” Shetty added.

WazirX is not the only exchange facing tech snags. Binance, which owns a stake in WazirX, also reported issues in withdrawals.

“$ETH and ERC20 withdrawals are temporarily disabled due to network congestion. Thank you for your patience and apologies for any inconvenience caused,” Binance said in a tweet.

The exchange outages come as bitcoin plunged below $39,000 for the first time in more than three months on Wednesday after China said cryptocurrencies would not be allowed in transactions and warned investors against speculative trading in them, despite the country powering most of the world’s mining.