WazirX News: Supreme Court Rejects Plea in ₹2,000 Crore Crypto Fraud Case

In a major setback for crypto investors in India, the Supreme Court has dismissed a plea filed by 54 users of the WazirX exchange, who lost their funds in a massive ₹2,000 crore cyberattack. These users were hoping for urgent relief and action – but the court said it wasn’t the right authority to step in. Instead, it directed them to approach the Union Government and financial regulators.

The decision has left investors frustrated and uncertain about what comes next. With one of India’s biggest crypto hacks still unresolved, and key questions around WazirX’s management and ownership hanging in the air, the case is far from over.

Here’s what happened – and why it matters.

The ₹2,000 Croren WazirX Hack

Back in July 2024, WazirX was hit by a major cyberattack in which around ₹2,000 crore reportedly disappeared from users’ wallets. Since then, affected investors have tried multiple legal routes to get their money back. They first approached local courts and then the Delhi High Court, but with no success. The Supreme Court was seen as their last hope – but now, that door has also closed.

Many users believe that WazirX’s management, including co-founder nischal shetty nischal shetty Nischal Shetty is the Founder of India's largest and extremely trusted crypto exchange platform called WazirX. He is an entrepreneur who is passionate about technology, blockchain, crypto, and innovation. Founded WazirX in 2018 with a mission to involve every Indian in the blooming Blockchain revolution, built along with a team of passionate blockchain believers and hardcore traders. At present, he is also serving as Committer at Shardeum since February 2022 which is a sharded, infinitely scalable, community-driven completely decentralized layer 1 blockchain firm.   In 2010, Nischal became the Founder of Crowdfire which is a Software development company based in Mumbai. Via Crowdfire he helps individuals easily manage their social media profiles around multiple platforms by bringing them into a single and simple interface. Nischal Shetty began his career life holding and leading the position of Software Executive at 31 Infotech developing virtual solutions in Java and related technologies. Whereas In January 2009, he Founded Twi5 which is one stop place for discovering all the best Twitter applications and attracts thousands of visitors every day. Apart from this, he adores sharing his opinions on technology, development, and innovations. Nischal Shetty has been honored with several awards and recognitions some of which include Forbes 30 under 30, and the Inspiring CEO’s award by ET.  EntrepreneurDeveloper/ProgrammerChief Executive OfficerAuthor , was either careless or possibly involved in the mishandling of funds. Some even claim the real loss could be as high as ₹4,500 crore.

To make things more confusing, there’s also an ongoing dispute between WazirX and Binance over who actually owns and controls the exchange.

What Did the Supreme Court Say?

A Supreme Court bench, made up of Justice B.R. Gavai and Justice Augustine Masih, said that matters involving cryptocurrencies are linked to government policy, not something the court can decide on. The judges told the petitioners to take their case to government bodies like the Union of India, the RBI, SEBI, and the CBI.

The petitioners had asked for a special investigation team that would include top financial and law enforcement agencies to look into WazirX. They also wanted a full audit of the company’s finances and for its assets to be frozen to stop more losses.

However, the court didn’t agree to these demands or give any clear instructions on what should happen next. No new hearing date has been set.

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Still No Answers for Victims

With nearly ₹2,000 crore still missing and no clear legal solution in sight, the victims are left stuck. The situation raises big questions about whether the system is ready to deal with large-scale crypto crimes. For now, the affected users can only wait and hope that someone steps in to help them recover their money.

For the victims, the silence from the system is beginning to feel louder than the scam itself.

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