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WazirX server crashes as trading volumes surge 2,000%, token up 1,000%

WazirX is now valued at over $1 billion, the first for any crypto-currency exchange in India. In the last 24 hours, the market capitalisation of the crypto-exchanges' token 'WRX' grew by nearly 200% to $1.23 billion. As a result of this surge in demand and higher trading volumes on the platform, on Sunday the exchange faced a server outage. WazirX's founder and chief executive officer, Nischal Shetty said, via Twitter, that trading volumes on the exchange shot up significantly to over $270 million and as a result the platform breached the internal limits set by one of its infrastructure providers which is why the exchange went down. For many users on the platform, trades and settlement information were not available on the exchange in addition to delays in processing transactions. "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," Shetty said. [embed]https://twitter.com/NischalShetty/status/1378767202770317314[/embed] Last week WazirX's crypto token WRX witnessed an exorbitant amount of demand leading a surge of 1,170 % in its value to over $5.5 as of mid-Monday morning compared to $0.47 a week ago, as per Coinmarketcap. In the last 24 hours, trading volumes on the platform grew by 2,224% worth a total of $3.17 billion. The supply of the token has been set at close to 1 billion and so far a little…

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