WazirX reimburses users in lieu for listing errors

05/25/2021

On 13th May, Shiba Inu (SHIB) coin got listed on the Indian cryptocurrency exchange with WazirX, becoming one of the first exchange to do so. Shiba Inu (SHIB) coin is being hailed as a Dogecoin killer that surged soon after being listed earlier this week. Intrigued, a lot of interested WazirX investors lined up thinking they would be buying the SHIB tokens at an affordable price.

At the time, the SHIB coin was actually valued at $0.00002, however, the price listed on WazirX was $0.041. As a result, a lot of investors ended up buying the SHIB coins at the listed price, unaware of the price of the actual token. Most of them later realized after the price crashed down to the actual cost, alleging that they’d been duped by the Indian cryptocurrency exchange.

Damage Control

Facing backlash and prospective bad press, with punitive regulations and crypto ban looming over its head, the CEO and Co-founder of WazirX said that the company has introduced the “WRX Airdrop” program for users who bought “SHIB at an exceptionally high price and did not sell after the token’s prices normalized.” The refund will be made in the form of WRX token airdrops, the exchange’s native crypto asset.

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“We will conduct this WRX airdrop program over the next 4 months. We will airdrop WRX equivalent to 25% of your loss every month for the next 4 months.” Shetty said.

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In the future, the exchange is also planning to warn users about expected volatility for 24 hours on its site when a new token is listed: “We are at a stage where relying on liquidity providers won’t work for us at this scale. From now, we will enable deposits and withdrawals of a token. After giving sufficient time for people to bring in the tokens, we will then enable the listing. This will ensure that there’s no liquidity crisis.”

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