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WRX Token Management, IEO, Burn Clarification

By May 16, 2023June 6th, 20232 minute read

In light of recent events, we would like to clarify that WRX token is controlled by Binance. The IEO for WRX was conducted by Binance, and all the sale proceeds of WRX IEO (i.e. 108,401 BNB tokens worth USD 2 Million) were collected and retained by Binance. Furthermore, the wallets holding locked and released WRX tokens are also managed and controlled by Binance, including the release of such tokens based on the WRX Release Schedule.

Here is the list of wallet addresses where Binance is currently holding a total of 580.78 Million locked and unlocked WRX tokens:

Locked tokens:

Unlocked/ released tokens :

From these unlocked tokens, Binance transferred a total of 116.8 Million WRX tokens (11.68% of the total supply) to an treasury account of Binance on in four transactions on various dates. 

DateTx IDAmount of WRXDestination AddressWRX/USDT price before the transferWRX/USDT price after the transfer
Apr-15-2021 11:14:11,000,000bnb136ns6lfw4zs5hg4n85vdthaad7hq5m4gtkgf23 Memo: 100971573USD 4.50USD 2.60
Apr-23-2021 16:30:06,000,000bnb136ns6lfw4zs5hg4n85vdthaad7hq5m4gtkgf23 Memo: 100971573USDT 3.20USD 2.30
Mar-01-2022 18:00:46,800,000bnb1spk0xh80mya3zyeu4ufq9tvgsc6easzw6wc6am Memo : 537121894USDT 0.73USDT 0.60
Mar-01-2022 18:02:48,000,000bnb136ns6lfw4zs5hg4n85vdthaad7hq5m4gtkgf23 Memo: 100971573USDT 0.73USDT 0.60

It is important to note that the WazirX team hasn’t received any token allocations.

We would like to clarify that Binance is responsible for conducting the quarterly burn of WRX tokens. The last WRX burn event (7th burn) for the quarter of Oct – Dec 2021 was executed by Binance on the unlocked token mentioned above on 9th March, 2022. A total of 9,633,333 WRX equivalent to ₹47 Crores INR ($6 Million USD) were burned during the 7th burn event (Transaction details here). Binance has not conducted the quarterly burn for the past 5 quarters i.e. since Jan 2022 onwards.

Details of the pending Burns are as follows: 

Burn NumberPeriodNo. of WRX to Burn
8Jan 2022 to Mar 20224,163,333 WRX
9April 2022 to June 20221,533,333 WRX
10July 2022 to Sept 2022213,333 WRX
11Oct 2022 to Dec 2022103,333 WRX
12Jan 2023 to Mar 2023163,333 WRX

​​We hope this clarification addresses any confusion surrounding the management of WRX. As always, we remain committed to providing our users with a safe and transparent trading experience.

Thank you for your continued support 🙏

Team WazirX

Disclaimer: Cryptocurrency is not a legal tender and is currently unregulated. Kindly ensure that you undertake sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information provided in this section doesn't represent any investment advice or WazirX's official position. WazirX reserves the right in its sole discretion to amend or change this blog post at any time and for any reasons without prior notice.
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