Cryptocurrency exchange WazirX said it will fully compensate investors who suffered massive losses on volatile trades of the meme cryptocurrency Shiba Inu (SHIB) last week.
What Happened: Nischal Shetty, the CEO of the Binance-owned cryptocurrency exchange that primarily serves customers in India, said on Twitter that the company will release a detailed blog post on Tuesday about the “WRX Airdrop” program for investors who bought the SHIB token at an exceptionally high price last week, but are yet to sell it.
Day 929
We will be releasing a detailed blog post about WRX airdrop program for SHIB incident today.
WazirX continues to stay true to its mission of Making crypto accessible to everyone in India �
By helping our community, we mean when we say: #WazirXCares#IndiaWantsCrypto
— Nischal (WazirX) � (@NischalShetty) May 18, 2021
Shetty said that users who were impacted will be paid WazirX’s utility token – WRX – equivalent to 25% of their losses every month for the next four months. WazirX’s owner Binance is the world’s largest cryptocurrency exchange in terms of the trading volume.
See Also: How to Buy Shiba Inu (SHIB)
Users had complained on Twitter about the difference in price after they had already bought the meme currency, which describes itself as the “Dogecoin (DOGE) killer.”
WazirX said in a blog post last week that when the SHIB market went live, the token’s deposits and withdrawals took longer to go live due to a misconfiguration and a delay by WazirX’s liquidity provider in bringing enough liquidity.
Why It Matters: Shiba Inu was listed on the WazirX trading platform on May 13 at a price higher than its actual value. The SHIB token was valued at around INR 0.0016 ($0.0002) at the time of listing, but its price listed on WazirX was INR 3 ($0.04).
Many investors bought the token for the listed price, without checking the actual price. The token’s price normalized within hours.
Ethereum (ETH) co-founder Vitalik Buterin donated 50 trillion Shiba Inu tokens to India’s Covid-Crypto Relief Fund on the same day.
Price Action: Shiba Inu is 9.5% higher during the last 24 hours and is trading at $0.00001714 at press time.
