The National Consumer Disputes Redressal Commission (NCDRC) has refused to consider the complaint of investors who lost $234 million in the WazirX crypto exchange hack.
Court Proceedings
The court justified the refusal by stating that the legality and nature of the transactions are not fully settled in the country, making an in-depth investigation challenging in this jurisdiction.
Investors' Next Steps
The complainants' lawyer, Aman Rehaan Khan, said they plan to take the case to the Supreme Court to seek recovery of lost funds and criminal charges against those responsible. Khan mentioned that, despite being disappointed, their morale remains strong.
WazirX Recovery Plans
The Nischal Shetty-led WazirX crypto exchange announced plans to restructure and compensate users for some of their losses. The platform plans to issue $284 million in liquid assets and recovery tokens to users. It is hoped that this will allow users to reclaim their stolen assets by April.
The Supreme Court will now consider the investors' complaints. Previously, it lifted a ban on crypto trading imposed in 2018. Meanwhile, WazirX continues efforts to recover users' funds.
