Following the Rs 2000 crore hack of cryptocurrency exchange WazirX the Delhi High Court has issued notices to India’s enforcement agencies Enforcement Directorate (ED) and the Financial Intelligence Unit ( FIU ). The court wants to know whether it can order an official investigation into the massive hack of WazirX and its management by a criminal.
The High Court has also allowed users of WazirX to seek recovery of the funds in the civil courts in India since the hack in July. This decision is a relief to the 4.4 million users’ cryptocurrency and INR balances which has been frozen by WazirX after they stopped all transactions in the wake of the attack.
This move comes after a writ petition by a WazirX client, Jaivir Bains, who sought to know how the huge hack happened. Bains also sought to address the fact that the exchange sought to externalise the losses by locking up 45% of users’ funds while considering the use of non-stolen currency to cover the impact made by the hackers.
The Honorable Justice Sanjeev Narula who is hearing the case has ordered the IFSO unit of the Delhi police to file a status report on the present investigation. More details on the order were expected to have been posted by the court shortly.
This case goes a long way in solving some of the security challenges associated with cryptocurrencies, particularly with the uncertainty that surrounds the exchanges in India.
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