Delisting tokens from major exchanges often signals a lack of confidence in their future, resulting in a rapid negative market response. This was evident when Binance’s decision to delist WazirX’s WRX token led to a dramatic 60% drop in its price within an hour, despite WazirX’s efforts to regain its footing.

On Wednesday, Binance announced the removal of WRX, along with Kaon (AKRO) and Bluzelle (BLZ), as part of its ongoing evaluation of tokens that no longer meet its standards. Such moves typically signal a waning belief in a token’s viability, and the resulting market impact was swift. AKRO and BLZ also saw declines of up to 40%, but WRX was the hardest hit, with its value plummeting to just 10 cents—down 98% from its peak of over $5 in 2021.

This delisting is another setback for WazirX, once the largest cryptocurrency exchange in India by trading volume and user base. The platform has struggled since suffering a massive $230 million hack in July, which compromised more than 45% of the exchange’s user funds. WazirX is currently undergoing a restructuring process in Singapore to address its financial liabilities, but the hack, along with its complex laundering methods using Tornado Cash, has further complicated recovery efforts.

Despite the challenges, WazirX is determined to revive its platform. In a Wednesday announcement, the company shared its plans to relaunch the exchange and launch a decentralized exchange (DEX) with enhanced features, aiming to restore its brand’s reputation.

“We are preparing for a fresh start, focusing on improved services and a recovery-driven strategy for our creditors,” the company said in a post on X. “Once approved (subject to legal and regulatory requirements), we intend to reopen the WazirX platform and introduce a decentralized exchange (DEX) with innovative features that will enhance the user experience and strengthen the platform.”

Additionally, WazirX proposed a new mechanism called Recovery Tokens (RTs), which would be airdropped to creditors based on their platform balances. These tokens would offer recovery through future platform profits, potential buybacks, and open-market trading opportunities.