The ongoing dispute between WazirX and Binance has shed light on the dominant position of Binance over the WRX token. According to a statement released on May 16, WazirX revealed that Binance conducted the IEO for WRX and now controls the token’s supply.
WazirX clarified that Binance collected all proceeds from the WRX IEO, amounting to approximately $2 million USD. Moreover, Binance currently holds around 580.78 million WRX tokens, equating to almost $74.4 million based on current market valuation.
The WazirX team stated that “the WazirX team has not received any token allocations.” They also blamed Binance for the quarterly burn of WRX tokens.
Binance has discontinued wallet services for WazirX, igniting a feud that has been ongoing for months. Binance has transferred a total of 116.8 million WRX tokens to a treasury account on Binance.com, involving the transfer of unlocked tokens comprising 11.68% of the total supply.
Since the announcement, there has been slight selling pressure, resulting in a minor decrease of 1.4% in the WRX token’s price; it is currently trading at $0.1276.
Compiled by Coinbold
