WazirX News: Supreme Court Rejects Petition Over ₹2,000 Crore Crypto Hack

The post WazirX News: Supreme Court Rejects Petition Over ₹2,000 Crore Crypto Hack appeared first on Coinpedia Fintech News

In a major blow for crypto investors in India, the Supreme Court has rejected a petition filed by 54 users of the WazirX exchange . These users were hoping for urgent action after losing their funds in a massive ₹2,000 crore cyberattack. But the court said it isn’t the right authority to handle the issue and advised them to reach out to the Union Government and financial regulators instead.

How Did This All Begin?

Back in July 2024, WazirX suffered a huge cyber hack, where around ₹2,000 crore reportedly vanished from users’ wallets. Since then, affected investors have been trying every legal route to get justice. They first approached local courts and the Delhi High Court, but nothing came of it . The Supreme Court was seen as their last hope, but that too has now been shut down.

Many users believe WazirX’s management, including co-founder nischal shetty nischal shetty Nischal Shetty is the Founder of India's largest and extremely trusted crypto exchange platform called WazirX. He is an entrepreneur who is passionate about technology, blockchain, crypto, and innovation. Founded WazirX in 2018 with a mission to involve every Indian in the blooming Blockchain revolution, built along with a team of passionate blockchain believers and hardcore traders. At present, he is also serving as Committer at Shardeum since February 2022 which is a sharded, infinitely scalable, community-driven completely decentralized layer 1 blockchain firm.   In 2010, Nischal became the Founder of Crowdfire which is a Software development company based in Mumbai. Via Crowdfire he helps individuals easily manage their social media profiles around multiple platforms by bringing them into a single and simple interface. Nischal Shetty began his career life holding and leading the position of Software Executive at 31 Infotech developing virtual solutions in Java and related technologies. Whereas In January 2009, he Founded Twi5 which is one stop place for discovering all the best Twitter applications and attracts thousands of visitors every day. Apart from this, he adores sharing his opinions on technology, development, and innovations. Nischal Shetty has been honored with several awards and recognitions some of which include Forbes 30 under 30, and the Inspiring CEO’s award by ET. Entrepreneur Developer/Programmer Chief Executive Officer Author was either careless or possibly involved in the mishandling of funds. Some even estimate the real damage to be closer to ₹4,500 crore. Adding to the confusion is the ongoing dispute between WazirX and Binance over who actually owns and controls the exchange.

What Did the Supreme Court Say?

The Supreme Court bench, made up of Justice BR Gavai and Justice Augustine Masih, ruled that it isn’t the proper forum to decide on issues related to cryptocurrencies . Since crypto falls under government policy, the court said the petitioners should approach the Union of India and other bodies like RBI, SEBI, and the CBI instead.

While the court has allowed the victims to knock on the doors of these authorities, it hasn’t fixed any new hearing date or provided clear instructions on what should happen next.

• Also Read :
• WazirX Pushes Back User Fund Release Again, Court Hearing Set for May
• ,

What Were the Victims Asking For?

The users had requested a special investigation team involving major financial and investigative bodies to look into WazirX and its operations. They also wanted a full audit of the company’s accounts and for WazirX’s assets to be frozen to stop further losses. But now, none of these demands are being addressed by the court.

What Happens Now?

For now, victims are left with no clear path forward. With nearly ₹2,000 crore still unaccounted for and no solid legal action in sight, users are left to wonder if they will ever get their money back or if the system is simply not ready to handle such massive crypto cases yet.

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