WazirX, one of India’s largest bitcoin and cryptocurrency exchanges, crashed on Sunday night.
In the past 24 hours, the value of WazirX Tokens — the exchange’s own cryptocurrency — had grown 145%.
To address the panic of investors, WazirX founder and CEO Nischal Shetty posted a series of tweets, saying their servers had crashed and that restoring them would take some time.
“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,” Shetty tweeted.
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 (WazirX) ⚡️ (@NischalShetty) April 4, 2021
As WazirX started trending on Twitter — due to tweets from worried investors as well as a flood of memes — Shetty wrote, “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.”
Earlier on Sunday, Shetty had tweeted that WazirX had crossed $270 million in 24-hour trading volume — the “highest trading volume by any crypto exchange in India, ever”, he claimed.
As the exchange crashed, he said, “No matter how much you prepare for traffic, some system loads are crazy. Wallet is safe, yes. The load on our systems are way too much. Scaling is taking longer.”
Siddharth, COO of WazirX, also said the exchange was witnessing all-time high trading. “We are experiencing system ATH trades. Our team is trying to scale fast! Stay tuned,” he tweeted.
As some investors pointed out that their funds were reflecting as zero, Shetty said, “For all those saying funds are showing 0, it’s because parts of the system are not working. One such system is the one that shows the fund value. It’ll start showing again as soon as all the services are back up.”
WazirX was launched in March 2018. In 2019, the exchange was acquired by Binance.