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

Published by
Debashree Patra

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 , 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.

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.

FAQs

What is happening with WazirX?

WazirX faces legal, security, and ownership issues after a massive hack and ongoing dispute with Binance over control.

Will WazirX ever recover?

Uncertain—ongoing legal issues, trust erosion, and unclear ownership make WazirX’s recovery challenging.

Debashree Patra

Fun-loving and cheerful, a passionate blockchain and crypto writer who knows no boundary…connect if you share the same passion. With 10+ years of writing experience, I am a Crypto Journalist by chance, exploring, and learning all the dynamics of the sci-fi action-filled crypto world. Currently, focusing on cryptocurrency news and price data. With a passion for research and challenging my capabilities, I am slowly getting into the crypto arena to bring new insights every day.

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