The Indian Supreme Court rejected a petition submitted by 54 users of Wazirx Hack 2024 on April 16, 2025. The victims, who lost their money in the Electronic match of 2000 crores (234 million dollars), were hoping for an urgent relief in this matter.
However, the Apex Judicial Authority cited the absence of a clear regulatory framework for encrypted currencies and rejected cases against the stock exchange management, including the co -founder Nischal Sheetty, along with Binance Holdings and Liminal Ractody.
The victims brought the petition in front of a seat that includes the BR Gavai Judge and Justice Augustine Masia, where they identified cases of grave neglect, poor managing the user’s assets, and insufficient security measures that contributed to the penetration.
The Supreme Court stated that it “does not tend to entertain the seam”, and the case was rejected on the bench. For investors, leaving the dismissal of the petition after the bad taste, as for many, this was the final asylum.
if
The Indian judiciary cannot act against #wazirx Quoted from “lack of laws and regulations”
So why are Indian encryption users still forced to pay 1 % of TDS and 30 % of the profit tax?
So, are we only good enough to submit to tax but are not protected under laws, instructions, or clear regulations … pic.twitter.com/Pvkaqo5x6u
Ajay Kashib (everythingajay) April 16, 2025
On July 18, 2024, the Lazaros Group has now penetrated by North Korea, Wazirx. The group took advantage of the weaknesses of the multi -signed WazirX wallet system. They created fake accounts, tampered with smart contracts, and completely controlled the stock exchange funds, eventually draining all the funds.
Explore: The best new encryption currencies for investment in 2025
The refusal of the Supreme Court of contact highlights the organizational gaps
In the wake of the penetration in early 2024, the victims sought legal asylum and went to the Delhi Supreme Court, without any decision. After nine months of penetration, the Supreme Court stated, with the refusal of the petition, that it is not appropriate to separate the matter and stressed that the case falls under politics instead of the judicial jurisdiction.
In their contact, Wazirx users demanded the assembly of the SIS (SIT) team, which includes employees from the Indian Reserve Bank (RBI), the Securities Council and the Stock Exchange in India (SEBI), the Financial Intelligence Unit (FIU), the National Investigation Agency (NIA), the Central Investigation Office (CBI), and the dangerous fraud office (SFIO). Entities associated with them.
Moreover, the petition also called for an independent team of financial auditors to conduct a forensic review of Wazirx’s books, the professor’s books, internal records and submit a report to the Supreme Court. However, the court advised petitions to deal with the Union, RBI, Sebi and CBI government for compensation.
Given the ongoing issue, participants in the paradox market in India noticed a 30 % tax on encryption gains as they failed to provide asylum in the case of major accidents, thus highlighting organizations such as RBI and Sebi in this clear case of the organizational gap.
Explore: The most important 12 people for encryption for purchase now
Wazirx may pay the money recovery process to May
While legal procedures in India regarding this issue are neither here nor there, Wazirx slowly enhances restructuring efforts. The company underwent the restructuring process that the court ordered in Singapore after its penetration in 2024.
The exchange of encryption claims that he obtained 90 % credit approval for its money recovery program. However, investors expect only 45-50 % of the money they lost during the electronic attack.
Wazirx had previously mentioned its intention to start the re -distribution program within a week of the approval of the court. However, the company’s recent blog post indicates that the delay can affect the program, as users speculate that they can push the schedule to May
There are some FUD claiming that the distribution of the Wazirx box is delayed.
It was previously connected that the next step after voting is to request a court punishment for this plan. The court session is scheduled for May 13.
We are on the right track and focus completely. Please ignore noise, …
– nischal (shaardum)
(nischalshetty) April 11, 2025
However, the response to these social media concerns has clarified with regard to these delays, co -founder Nischal Sheetty, that the court session has always been set in the following month.
Explore: 9+ best high -risk encryption, high -quality purchase in April 2025
Main meals
-
The Supreme Court refused to seek the victim’s wazirx Hack, noting that there was no encryption regulations.
-
Investors expect only 45-50 % of the money they lost during penetration.
-
The Supreme Court stated that the matter falls under politics, not the jurisdiction.
The appearance of a lack of encryption in India keeps the Wazirx Hack victims from Justice for the first time on 99bitcoins.