Supreme Court Dismisses WazirX Users Petition Over $230 Million Crypto Heist
- Supreme Court dismisses petition by 54 WazirX users seeking action over $230 million crypto hack.
- The Supreme Court says it cannot handle the case as cryptocurrency matters fall under government policy and regulation.
In a major blow to WazirX users, the Supreme Court has dismissed a criminal writ petition filed by 54 individuals seeking action against the crypto exchange and its co-founder Nischal Shetty over last years massive $230 million (2,000 crore) crypto hack. The court made it clear that it isnt the right authority to deal with cryptocurrency matters, calling it a policy issue better handled by government bodies.
The two-judge bench, led by Justice BR Gavai and Justice Augustine Masih, did, however, allow the petitioners to approach the Union of India or other relevant regulatory forums. This comes after nearly 10 months of efforts by the victims, who had already knocked on the doors of local and high courts before reaching the apex court.
The petition had requested the formation of a special investigation team with officers from agencies like RBI, SEBI, CBI, and others, along with a forensic audit of WazirXs finances. Users also wanted their portfolios protected and WazirXs accounts frozen.
With this dismissal, the victims are back to square one, unsure of their next step or whether justice will ever be served.
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Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
