As per some crypto influencers, a few crypto companies are in talks to acquire & rescue the WazirX crypto exchange.

WazirX, a well-known crypto trading platform in the jurisdiction of India that has been unavailable to provide services for the last 4 months, is currently in big trouble. The leadership of this exchange has been doing their best to bring the services back to line but is bound by multiple legal boundaries & lacks fund liquidity.

On 13 Dec 2024, A popular Indian crypto influencer, Kashif Raza, who has expertise in Indian laws, said that Binance or some other crypto exchange is reportedly planning to rescue the WazirX crypto exchange.

Kashif also said that such information might be inaccurate & false. He noted that, currently some rumours also suggested that WazirX co-founder & other leaders were planning to sell their WazirX stakes in good amounts to exit from all these hurdles.

There are rumors that Binance or someone else is coming for WazirX rescue. True or False, I do not know.The probability of this happening is very low because there are rumors that the founding team of WazirX is asking for a considerable exit amount.

— Kashif Raza (@simplykashif) December 13, 2024

Some crypto X (formerly Twitter) users said that they don’t think that Binance can show interest because the relationship between Binance & WazirX has a bad history.

Earlier, many rumours came to the public domain regarding WazirX, but WazirX CEO Nischal Shetty never talked about such rumours. Even once he called Binance as a responsible exchange behind the bad financial position. Reportedly Binance exchange used all WazirX’s earnings for promotional activities of the Binance crypto empire, but later, Binance’s team dismissed all such allegations.

As per multiple reports, Binance currently holds $17 million worth of cryptocurrencies belonging to the WazirX crypto exchange. Currently, the legal battle between both exchanges is active in a court in Singapore related to these funds & another contract breach.

However, many WazirX customers asked Binance’s former CEO, Changpeng Zhao (CZ), to interfere in this matter, but CZ indirectly refused to help.

https://t.co/8QQ2IygBbs#Crypto Hater #SEC Chair Gary #Gensler Indirectly Confirms His Resignation

— Bitcoinik (@Bitcoinikdotcom) November 15, 2024

Read also: WazirX Trades Customer Assets Without Consent – But It’s a Positive Twist!

The automobile spare parts dealer in Patna got worried when he glanced at the alerts on his phone on July 18. News portals were reporting that India’s cryptocurrency exchange WazirX had been hacked. At first, he thought that meant a “technical glitch” and things would get back to normal. The full extent of his misfortune was yet to be revealed.
“My cousin told me some Rs 2,000 crore had been stolen from the company,” said the 32-year-old man. “I immediately rushed to withdraw my Rs 7 lakh investment on WazirX but it was too late--no transactions were allowed.”

The prospect of never being able to get his money back has caused sleeplessness, anxiety, emotional distress and setbacks in business. At home, he pretends nothing has happened. “My wife thinks I do some stock market trade,” he said. “She doesn’t understand crypto stuff--she thinks we are rich.”He dwells on what might have been.
“Every day, I take a pen and paper (to calculate) and tell my co-worker that today the value of my crypto would have been Rs 25 lakh,” he said. “(Auto) agency guys would have given us so much business on such credit.”
He’s not alone About 15 million users of WazirX were victims of one of the largest cyberattacks on a cryptocurrency exchange in July, leading to the theft of investor holdings worth $235 million or nearly half of the platform's estimated reserves. Since then, the remaining funds on the platform have been frozen and trading has been halted.
ET spoke to about a dozen people who had invested between Rs 30,000 and Rs 1.5 crore on the platform. Many recounted tales of financial distress--individuals driven into debt, some having to flee their villages and others grappling with suicidal thoughts.
#wazirX #2024withBinance

#TAOUSDT Technical analysis update

TAOUSDT has formed a cup and handle pattern on the daily chart. With high volume, the price has broken above the neckline resistance, signaling a potential strong bullish move in the coming days.

Buy zone : Below $720

Stop loss : $560

Take Profit 1: $855
Take Profit 2: $1100
Take Profit 3: $1500

$BNB



BNB is currently forming a large triangle pattern on the weekly chart, indicating a potential bullish breakout.
Technical Analysis:
* Large Triangle Pattern: This chart pattern suggests a period of consolidation before a significant price move.
* Demand Zone: The green zone represents a key demand zone, which could provide strong support for the price.
* Potential Targets: If a breakout occurs, the price could target the 4,000 and 9,000 levels.
Trading Strategy:
A potential trading strategy for BNB could be:
* Entry: Buy BNB once the price breaks above the upper trendline of the triangle pattern.
* Stop-Loss: Place a stop-loss order below the recent swing low to limit potential losses.
* Take-Profit Targets:
* Target 1: 4,000
* Target 2: 9,000
Risk Management:
* Position Sizing: Manage your position size to avoid excessive risk.
* Diversification: Spread your investments across multiple assets.
* Stay Informed: Keep up-to-date with the latest news and developments in the cryptocurrency market.
Disclaimer: This is not financial advice. Please do your own research before making any investment decisions. Cryptocurrencies are highly volatile, and past performance is not indicative of future results.