Top Indian crypto exchange WazirX experienced interference caused by system failures for more than 4 hours on Sunday.
WazirX CEO Nischal Shetty reported in a tweet at 5.24 PM UTC that the WazirX exchange had “hit some internal limits” set by one of the infrastructure providers. The traffic on Exchange reportedly created “a ripple effect on all the services, ” Causing some of WazirX's Approx. 1.8 million users report being unable to see their fund in their WazirX account during the outage.
“It is because some functions of the system are not working,” said Shetty. “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.”
More than 4 hours later, Nischal tweeted that users were able to cancel their orders and could once again see funds in their accounts and, but said that trading was still disabled.
According to WazirX chief operating officer and co-founder Siddharth Menon, the exchange was experiencing all-time high trades across its systems shortly before the outage occurred. CEO reported that making the crypto exchanges one of the largest in India, more than $270 million in trading volume within 24 hours earlier today. In addition, the price of WazirX’s native WRX token reached $4.15 at the time of publication and has risen more than 160% in the last day.
Reports have been moving for several months claiming the Indian government is planning to introduce a possible ban on private cryptocurrencies. Nischal has joined representatives from other exchanges in India in drafting a presentation note highlighting recommendations for crypto regulations in the country. Shetty said the approach was necessary given the negative stance taken by government authorities toward cryptocurrencies.