In just one month time period, WazirX, one of the most popular cryptocurrency exchanges in India, collapses for the second time. As soon as the users came to know about the issue, they started raising their concerns on the microblogging site.
The Indian cryptocurrency exchange, while apologizing to its customer, told that the issue arises because of the meme-based cryptocurrency Dogecoin which reached an all-time high of $0.61, at that time.
On May 04, while the Dogecoin was going high, people, who opened the trading platform at that time, received a message like no data available or user does not have balance in their wallets.
As per the reports, the OTP authentication on the trading platform failed for those who were processing the Dogecoin transaction.
As this was for the second time, WazirX crashed, many people thought that they would lose their investment forever.
WazirX took to Twitter to address the issue and tweeted, “We’re investigating the issue and working on a fix. We’ll update you as soon as it’s done.”
Soon after that the COO of WazirX, Siddharth Menon, tweeted about Dogecoin hitting an all-time high. Further, he mentioned that due to Dogecoin, the exchange has been slow down. Menon further consoled the WazirX’s customer and told them their team is working on resolving the issue.
According to the reports, on April 4, the Binance-owned exchange was crashed for the first time. The customers had to deal with that issue for a day. During an investigation, the WazirX team found that soon before the exchange was crashed, the daily trading volume of the exchange $270 million.
The founder of the exchange expressed his excitement regarding the exchange and said that WazirX is the first crypto exchange in India to touch $270 million in a trading volume.
He further notified his audience that they are facing this issue due to heavy traffic on the platform.
However, this time when the exchange was crashed for the second time, Shetty did not share any information regarding it. But Menon told that as soon as the exchange started working, Dogecoin trading did not remain smooth.