The Indian Supreme Court has rejected a petition filed by 54 users of the WazirX exchange, who lost significant funds due to a massive cyberattack.
How Did This All Begin?
In July 2024, WazirX suffered a severe cyberattack, resulting in around ₹2,000 crore vanishing from users' wallets. Since then, affected investors have sought justice through various courts, but their efforts have not been fruitful.
What Did the Supreme Court Say?
The Supreme Court bench, composed of Justices BR Gavai and Augustine Masih, ruled that it is not the proper forum to decide on cryptocurrency-related issues. Instead, the court advised the petitioners to approach the Union of India and relevant financial regulators.
What Were the Victims Asking For?
The users requested the formation of a special investigation team to look into WazirX’s operations, a full audit of the company's accounts, and the freezing of WazirX’s assets to prevent further losses. However, none of these requests have been addressed by the court.
With no clear legal action in sight and approximately ₹2,000 crore still unaccounted for, users are left questioning if they will ever recover their funds, highlighting the system's struggle to handle such large-scale crypto cases.
