WazirX has revealed that Binance is still the managing organization of the $WRX token. According to WazirX, Binance conducted the IEO of the token and collected all the proceeds from the sales, which are 108,401 BNB tokens. The company noted that Binance still holds these assets.
The Initial Exchange Offering (IEO) of the WazirX token was conducted on Binance Launchpad in February 2019. The WazirX token is a utility token that can be used to trade on the WazirX exchange, pay trading fees, and participate in governance.
Additionally, the WazirX token is listed on other exchanges such as Binance and Huobi. The IEO of the WazirX token was a major milestone for the project and helped position WazirX as a leading cryptocurrency exchange in India.
Management of the $WRX tokens
WazirX also added that the wallet that contains the tokens held by Binance is:
To add to that, the world’s biggest crypto exchange recently transferred over 116 million WRX tokens from their unlocked supply to a Binance account on binance.com. In total, this accounts for 11.68% of the entire $WRX token supply and was done through four separate transactions on different days. The transaction details are as follows:
Date: Apr-15-2021, 11:14:11
Transaction ID: https://explorer.bnbchain.org/tx/5B46EED3ADBFB982CC508BDC906F4FFAD555E7963606EAC40FC234BC577C6F33
Amount transferred: 30,000,000
Destination: bnb136ns6lfw4zs5hg4n85vdthaad7hq5m4gtkgf23 Memo: 100971573
WRX/USDT price before the transfer: USD 4.50
WRX/USDT price after the transfer: USD 2.60
Date: Apr-23-2021, 16:30:06
Transaction ID: https://explorer.binance.org/tx/42A3373E5D20005DEFA964776548D9BD72C9BC8D8EACFF501DBE48203000D881
Amount transferred: 30,000,000
Destination: bnb136ns6lfw4zs5hg4n85vdthaad7hq5m4gtkgf23 Memo: 100971573
WRX/USDT price before the transfer: USDT 3.20
WRX/USDT price after the transfer: USD 2.30
Date: Mar-01-2022, 18:00:46
Transaction ID: https://explorer.binance.org/tx/1EEEEC874C2F8EBAF403F04D4107651CFDF33B540C5D67B5698A9C69D78BF65D
Amount transferred: 16,800,000
Destination: bnb1spk0xh80mya3zyeu4ufq9tvgsc6easzw6wc6am Memo : 537121894
WRX/USDT price before the transfer: USDT 0.73
WRX/USDT price after the transfer: USDT 0.60
Date: Mar-01-2022 18:02:48
Transaction ID: https://explorer.binance.org/tx/D2F6C34A837BF8C58CF5B3F46971B12046E906D87F4AADC70FC680833E2AA580
Amount transferred: 40,000,000
Destination: bnb136ns6lfw4zs5hg4n85vdthaad7hq5m4gtkgf23 Memo: 100971573
WRX/USDT price before the transfer: USDT 0.73
WRX/USDT price after the transfer: USDT 0.60
Burning of $WRX tokens
$WRX tokens are meant to undergo a burning procedure according to WazirX from time to time. So far, Binance conducted the last token burn on March 9, 2022, for the October/December 2021 season. It was also the seventh burn for the $WRX token.
WazirX also added that since Binance has not initiated any burn for the $WRX tokens, the scheduled burns are as follows: 163,333 $WRX which should have occurred between January 2022 and March 2022; 1,533,333 $WRX scheduled for April 2022 to June 2022; 213,333 $WRX for July 2022 to September 2022; 103,333 $WRX and 163,333 $WRX planned for October 2022 to December 2022 and January 2023 to March 2023, respectively.
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