In a shocking twist, the National Consumer Disputes Redressal Commission (NCDRC) has rejected the plea of WazirX investors who lost millions in the $234 million hack. The court’s refusal to hear the case has outraged victims, but they’re not giving up. Now, they’re taking the fight to the Supreme Court to demand justice and compensation! 🚨⚔️
👨⚖️ Investors Take the Fight to India’s Supreme Court
The NCDRC dismissed the case, arguing that cryptocurrencies are neither legal tender nor fully recognized investment assets in India. Because of this, the commission claimed it had no legal standing to investigate financial fraud allegations against WazirX.
However, the investors’ lawyer, Aman Rehaan Khan, has vowed to escalate the battle to the Supreme Court. He aims to recover lost funds and push for criminal action against those responsible for the hack. 🔥⚖️
🌟 A Silver Lining in the Legal Setback?
Although the consumer court’s decision was a setback, there was a game-changing development:
✅ The court acknowledged that cryptocurrencies qualify as "goods" under the Consumer Protection Act and are taxable under Indian law. 🏛️📜
✅ The lawsuit was filed by 40 investors who lost a staggering INR 12 crore ($1.4 million) due to the hack. 💸💥
✅ Despite no clear regulations, the Indian government taxes crypto profits at 30% and requires exchanges to register with the Financial Intelligence Unit (FIU). Yet, proper laws remain nonexistent. ⚠️🚫
💰 WazirX Promises Stolen Crypto Recovery by April
In a stunning turn of events, WazirX, led by Nischal Shetty, has announced a major restructuring plan to return 85% of the stolen assets under a Singapore court-approved initiative. 🚀💎
💡 How Will Investors Get Their Crypto Back?
🔷 Recovery Tokens: Investors will receive special tokens representing their lost funds. 🎟️💰
🔷 New Exchange Launch: WazirX will reactivate its platform as a decentralized exchange with improved security. 🔄🛡️
🔷 Buyback Plan: Profits from the first three years will be used to buy back recovery tokens to compensate victims. 🔄💵
With the Supreme Court case pending and the recovery plan in motion, the next few months will be critical for WazirX users. Will the Supreme Court deliver justice, or will crypto investors continue to suffer in India’s regulatory vacuum?
🔥 Stay tuned for updates on this high-stakes crypto battle! 🔥
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