Leading Indian cryptocurrency exchange WazirX experienced disruptions caused by system failures for over four hours earlier on Sunday.
Within an official tweet at 5:24 PM UTC, WazirX CEO Nischal Shetty reported that the crypto exchange had “hit some internal limits” set by one among the infrastructure providers. The load on Wazir’s system reportedly created “a ripple effect on all the services,” causing a number of the exchange’s 1.8 Mln users to report being unable to ascertain any funds in their accounts within the outage.
“It’s because parts of the system aren’t working,” said Shetty. “One such system is that the one that shows the fund value. It’ll start showing again as soon as all the services are copy.”
In line with WazirX co-founder and COO Siddharth Menon, the exchange was experiencing all-time high trades across its systems shortly before the outage occurred. Shetty reported that the firm had seen over $270 Mln in trading volume within 24 hours earlier today, making the cryptocurrency exchanges one among the most important in India. Additionally, the worth of WazirX’s native WRX token has risen over 160% within the last day to reach $4.15 USD at the reporting time.
Reports are circulating for several months claiming the Indian government is getting ready to introduce a possible ban on private cryptocurrencies. Shetty has joined representatives from other exchanges in India in drafting a presentation note highlighting recommendations for crypto regulations within the country. The WazirX CEO said the approach was necessary given the negative stance taken by government authorities toward crypto-assets.