Crypto alternate WazirX crashes, founder says ‘wallet safe, working to resolve issue’
WazirX, one in every of India’s largest bitcoin and cryptocurrency exchanges, crashed on Sunday evening.
In the previous 24 hours, the worth of WazirX Tokens — the alternate’s personal cryptocurrency — had grown 145%.
To handle the panic of buyers, WazirX founder and CEO Nischal Shetty posted a collection of tweets, saying their servers had crashed and that restoring them would take a while.
“We’ve 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,” Shetty tweeted.
We’ve hit some inside limits set by one in every of our infrastructure suppliers. Working with them to get this elevated asap.
Please bear with us whereas we get this resolved.
— Nischal (WazirX) ⚡️ (@NischalShetty) April 4, 2021
As WazirX began trending on Twitter — as a consequence of tweets from nervous buyers in addition to a flood of memes — Shetty wrote, “When one part of the system fails, it causes a ripple effect on all the services. Takes time to bring things back up due to the scale at which we operate. Please have patience, it’ll be back up soon. Team is on it.”
Earlier on Sunday, Shetty had tweeted that WazirX had crossed $270 million in 24-hour buying and selling quantity — the “highest trading volume by any crypto exchange in India, ever”, he claimed.
As the alternate crashed, he mentioned, “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.”
Siddharth, COO of WazirX, additionally mentioned the alternate was witnessing all-time excessive buying and selling. “We are experiencing system ATH trades. Our team is trying to scale fast! Stay tuned,” he tweeted.
As some buyers identified that their funds have been reflecting as zero, Shetty mentioned, “For all those saying funds are showing 0, it’s because parts of the system are not working. One such system is the one that shows the fund value. It’ll start showing again as soon as all the services are back up.”
WazirX was launched in March 2018. In 2019, the alternate was acquired by Binance.
