The largest crypto exchange of India, WazirX, was down on 4th April during the night for quite a while. The app showed zero balance in portfolios, and also, the charts and prices of coins were not refreshing. As I opened Twitter to check if it is only a problem I am facing, I saw a huge number of users tweeting about the same. People were literally panicking at the fact that their wallet balances were showing zero, thinking WazirX ran away with it. But bringing peace to everyone’s mind, Nischal Shetty, the CEO of WazirX, put out a tweet explaining that they have run into a problem.
Yes
— Nischal (Shardeum) 🔼 (@NischalShetty) April 4, 2021
What caused the problem?
For WazirX, the reason for the crash was actually a good sign. The way their trading volumes are increasing is an imminent signal of the mass adoption of cryptocurrencies in India. One of the tokens listed on their site, WRX, which is their own, increased by over 140% yesterday. And this bought in traffic like never before. According to the tweet by the CEO, the trading volume of the exchange crossed $270 million in just a single day. This resulted in a server overload, and the app and website of the exchange went down.
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.
— Nischal (Shardeum) 🔼 (@NischalShetty) April 4, 2021
People were pretty unhappy even after this happened. Most thought this was their scheme because the WazirX token saw high price jumps, and most thought it was a pump and dump scheme. But Nischal Shetty handled everything with ease on Twitter. By providing timely updates and keeping users notified on what is going on. The CEO’s move shows that he cared and was also a big peace of mind for the users.
Nischal stated clearly that their systems were not able to handle a huge load of trading volumes. And a bottleneck from the end crashed everything else too. Its been almost 5-6 hours that the app has been fixed, and almost all issues have been resolved. Nischal also said that there might be some small errors that the team is working on.
The recent growth of WazirX
At a time when crypto regulations in India don’t exist as such, and there is a fear of ban, it is commendable how much WazirX has achieved. The company’s trading volumes have more than doubled every month, and so has the company’s profit. WazirX has also become the 27th largest crypto exchange globally. It also has a huge number of coins to choose from and has great support. Being the largest exchange in India, it is obvious that it has a huge role in making crypto more widely accessible in the country.
What are your thoughts on the recent server crash of WazirX due to the huge overload of trading volumes? And are you one of the users who faced the issue? Let us know in the comments below. Also, if you found our content informative, do like it and share it with your friends.
Also Read: $1 million per Bitcoin by 2022 says, Jesse Powell.
