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WazirX Hack Victims Denied Justice! Supreme Court Battle Looms as Exchange Promises Crypto Recovery
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! 🔥
#CryptoScandal #WazirXHack #CryptoJustice #bitcoin #CryptoRecovery
👨⚖️ 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! 🔥
#CryptoScandal #WazirXHack #CryptoJustice #bitcoin #CryptoRecovery
WazirX Hack Recovery: Nischal Shetty Leads Effort to Restart Trading by April 2025
The future of WazirX, one of India’s leading cryptocurrency exchanges, is at stake as creditors prepare to vote on a crucial restructuring plan. This decision comes after the $235 million hack in July 2024, which left millions of investors in limbo.Founder Nischal Shetty has stepped in, leading efforts to recover stolen funds and restart trading by April 2025. The Singapore High Court has approved the vote, allowing creditors to decide between restructuring or liquidation under Singapore’s Companies Act, which could delay payouts until 2030.
Nischal Shetty’s Plan: Can WazirX Be Revived?
According to a WazirX statement, creditors will soon vote on whether to revive operations through a structured repayment plan or proceed with liquidation.
The restructuring plan, backed by Nischal Shetty, proposes an immediate 52% debt settlement, with the remaining 48% to be paid from future profits and asset recoveries.If at least 75% of creditors approve, trading could resume by April 2025, with initial payouts starting within 10 business days.The proposal follows the Singapore High Court’s approval for WazirX to hold a Scheme meeting where creditors will cast their votes.
What Happens If Creditors Reject the Plan?
If the restructuring plan is rejected, WazirX will enter liquidation, significantly delaying fund recovery:
Payouts could be postponed until 2030, impacting over 4.4 million creditors.Asset distribution may become unpredictable, affected by market volatility.Creditors may receive reduced compensation due to the declining value of crypto assets over time.
Industry experts warn that liquidation could make full recovery nearly impossible, making restructuring the best option for investors.
Planned Recovery Measures & Future Operations
To stabilize operations and compensate affected users, WazirX has outlined several recovery initiatives:
✅ Decentralized Exchange (DEX) Launch – Enhances liquidity and revenue generation.✅ Introduction of Recovery Tokens – Provides faster compensation for creditors.✅ Periodic Buybacks – Helps maintain price stability.✅ Net Liquid Platform Assets Allocation – Allows creditors to reclaim part of their lost funds.
In addition, WazirX has frozen $3 million in stolen assets, with Nischal Shetty emphasizing that this is just the beginning. The exchange is working closely with law enforcement agencies to track missing funds and ensure a smooth recovery process.
Will WazirX Survive the Crisis?
The upcoming creditor vote will decide WazirX’s fate. If approved, trading could resume within months, marking a major comeback for the exchange. However, if rejected, a long liquidation process could leave many investors without compensation for years.
With millions of dollars at stake, the future of WazirX and its users now depends on the creditors' decision.
The post appeared first on CryptosNewss.com
#WazirXHack #WazirX
Nischal Shetty’s Plan: Can WazirX Be Revived?
According to a WazirX statement, creditors will soon vote on whether to revive operations through a structured repayment plan or proceed with liquidation.
The restructuring plan, backed by Nischal Shetty, proposes an immediate 52% debt settlement, with the remaining 48% to be paid from future profits and asset recoveries.If at least 75% of creditors approve, trading could resume by April 2025, with initial payouts starting within 10 business days.The proposal follows the Singapore High Court’s approval for WazirX to hold a Scheme meeting where creditors will cast their votes.
What Happens If Creditors Reject the Plan?
If the restructuring plan is rejected, WazirX will enter liquidation, significantly delaying fund recovery:
Payouts could be postponed until 2030, impacting over 4.4 million creditors.Asset distribution may become unpredictable, affected by market volatility.Creditors may receive reduced compensation due to the declining value of crypto assets over time.
Industry experts warn that liquidation could make full recovery nearly impossible, making restructuring the best option for investors.
Planned Recovery Measures & Future Operations
To stabilize operations and compensate affected users, WazirX has outlined several recovery initiatives:
✅ Decentralized Exchange (DEX) Launch – Enhances liquidity and revenue generation.✅ Introduction of Recovery Tokens – Provides faster compensation for creditors.✅ Periodic Buybacks – Helps maintain price stability.✅ Net Liquid Platform Assets Allocation – Allows creditors to reclaim part of their lost funds.
In addition, WazirX has frozen $3 million in stolen assets, with Nischal Shetty emphasizing that this is just the beginning. The exchange is working closely with law enforcement agencies to track missing funds and ensure a smooth recovery process.
Will WazirX Survive the Crisis?
The upcoming creditor vote will decide WazirX’s fate. If approved, trading could resume within months, marking a major comeback for the exchange. However, if rejected, a long liquidation process could leave many investors without compensation for years.
With millions of dollars at stake, the future of WazirX and its users now depends on the creditors' decision.
The post appeared first on CryptosNewss.com
#WazirXHack #WazirX
Stolen $6.5 Million in Crypto from WazirX on the Move: Thieves Use Tornado Cash to Cover Their Tracks!
Recently, $6.5 million worth of stolen cryptocurrency linked to the WazirX exchange has been moved. This stolen crypto is being transferred using Tornado Cash, a service that hides the origin and destination of digital currency transactions. Tornado Cash mixes up different transactions to make it harder to trace where the money is going. This movement of stolen funds is causing concern in the cryptocurrency community because it shows how thieves use such tools to hide their tracks and avoid being caught.
#wazirx #wazirxhack #hackers #CryptoMarketMoves #TON
Recently, $6.5 million worth of stolen cryptocurrency linked to the WazirX exchange has been moved. This stolen crypto is being transferred using Tornado Cash, a service that hides the origin and destination of digital currency transactions. Tornado Cash mixes up different transactions to make it harder to trace where the money is going. This movement of stolen funds is causing concern in the cryptocurrency community because it shows how thieves use such tools to hide their tracks and avoid being caught.
#wazirx #wazirxhack #hackers #CryptoMarketMoves #TON
🚨 WazirX Hackers Move ETH to Tornado Cash! 🚨
The hackers behind the WazirX hack have begun moving stolen Ethereum (ETH) to Tornado Cash, a popular crypto mixer used to obscure transaction trails. This move suggests the hackers are attempting to launder the stolen funds and make them harder to trace.
Tornado Cash is often used for its anonymity features, and this development poses significant challenges for investigators tracking the stolen assets. The crypto community and law enforcement agencies must stay vigilant as these hackers attempt to cash out through exchanges like Binance.
Stay updated for more info as the story unfolds! 🔍💰
#TornadoCash #Ethereum #DailyNews #wazirxhack #StaySAFU
The hackers behind the WazirX hack have begun moving stolen Ethereum (ETH) to Tornado Cash, a popular crypto mixer used to obscure transaction trails. This move suggests the hackers are attempting to launder the stolen funds and make them harder to trace.
Tornado Cash is often used for its anonymity features, and this development poses significant challenges for investigators tracking the stolen assets. The crypto community and law enforcement agencies must stay vigilant as these hackers attempt to cash out through exchanges like Binance.
Stay updated for more info as the story unfolds! 🔍💰
#TornadoCash #Ethereum #DailyNews #wazirxhack #StaySAFU
India Crypto
🚨🚨 #WazirXHack 🚨🚨
🚨 LATEST UPDATES ON ₹2,000 CRORE WAZIRX HACK 🚨
🔹 🇸🇬 Singapore Court Grants Moratorium (Sept 2024)
📌 A 4-month conditional moratorium was granted to WazirX.
📌 Conditions: Public wallet disclosures, independent scrutiny, and financial transparency.
🔗 Source: Economic Times
🔹 ⚖️ Delhi High Court Issues Notices (Oct 2024)
📌 Notices sent to Enforcement Directorate (ED) & Financial Intelligence Unit (FIU).
📌 Delhi Police’s IFSO unit asked to submit an investigation status report.
🔗 Source: Crypto Times
🔹 🚔 Major Arrest in Cyberattack Case (Nov 2024)
📌 SK Masud Alam (West Bengal) arrested for creating & selling fake WazirX accounts.
📌 The account was allegedly used in the hack.
🔗 Source: India Today
🔹 👥 Users Plan Class Action Lawsuit
📌 WazirX users unite to file a class-action lawsuit for fund recovery.
📌 Arguing their agreement was with Zanmai Labs Pvt. Ltd. (WazirX India).
🔗 Source: Live Mint
🔥 KEY TAKEAWAY: The legal battle over the WazirX hack is far from over. With courts, regulators, and users involved, the case is a wake-up call for India's crypto industry! 🚀
🚨 LATEST UPDATES ON ₹2,000 CRORE WAZIRX HACK 🚨
🔹 🇸🇬 Singapore Court Grants Moratorium (Sept 2024)
📌 A 4-month conditional moratorium was granted to WazirX.
📌 Conditions: Public wallet disclosures, independent scrutiny, and financial transparency.
🔗 Source: Economic Times
🔹 ⚖️ Delhi High Court Issues Notices (Oct 2024)
📌 Notices sent to Enforcement Directorate (ED) & Financial Intelligence Unit (FIU).
📌 Delhi Police’s IFSO unit asked to submit an investigation status report.
🔗 Source: Crypto Times
🔹 🚔 Major Arrest in Cyberattack Case (Nov 2024)
📌 SK Masud Alam (West Bengal) arrested for creating & selling fake WazirX accounts.
📌 The account was allegedly used in the hack.
🔗 Source: India Today
🔹 👥 Users Plan Class Action Lawsuit
📌 WazirX users unite to file a class-action lawsuit for fund recovery.
📌 Arguing their agreement was with Zanmai Labs Pvt. Ltd. (WazirX India).
🔗 Source: Live Mint
🔥 KEY TAKEAWAY: The legal battle over the WazirX hack is far from over. With courts, regulators, and users involved, the case is a wake-up call for India's crypto industry! 🚀
🚨🚨Indian Crypto Exchange WazirX Charts Recovery Path after $235M Cyberattack
Indian cryptocurrency exchange WazirX, which suffered a $235 million cyberattack in July 2024, has announced a restructuring plan aimed at compensating affected users.
Zettai, the parent company managing WazirX, filed for a moratorium at the Singapore High Court in August 2024, proposing a restructuring plan under a Singapore Scheme of Arrangement.
A Singapore Scheme of Arrangement is a court-approved legal process companies use to restructure their debts and liabilities. It allows the company to propose a binding arrangement with creditors, ensuring resolution while avoiding liquidation.
As of December 2024, WazirX reported liquid assets of $566.38 million USDT exceeding the total claims of $546.47 million USDT filed by users in July 2024.
The company said it would be returning funds through token distributions, which could yield 75% to 80% of the value of users’ account balances at the time of the cyberattack.
CoinSwitch capitalizes on the hack
Indian cryptocurrency exchange and WazirX competitor CoinSwitch has announced a recovery fund aimed at supporting victims of the WazirX cyberattack.
CoinSwitch took to X on Jan. 7 to officially announce the launch of a WazirX hack recovery fund of 600 crore Indian rupees ($69.9 million) called “CoinSwitch Cares,” the company’s recovery fund.
Notably, CoinSwitch is also pursuing legal action against WazirX to recover 2% of its funds stuck with WazirX, cumulatively amounting to 12.4 crore rupees ($1.44 million).
WazirX also plans to launch a DEX to generate additional profits and settle outstanding claims.
$BTC
$GMT
$LRC
#NFPCryptoImpact #WazirXIndia #WazirXHack
Indian cryptocurrency exchange WazirX, which suffered a $235 million cyberattack in July 2024, has announced a restructuring plan aimed at compensating affected users.
Zettai, the parent company managing WazirX, filed for a moratorium at the Singapore High Court in August 2024, proposing a restructuring plan under a Singapore Scheme of Arrangement.
A Singapore Scheme of Arrangement is a court-approved legal process companies use to restructure their debts and liabilities. It allows the company to propose a binding arrangement with creditors, ensuring resolution while avoiding liquidation.
As of December 2024, WazirX reported liquid assets of $566.38 million USDT exceeding the total claims of $546.47 million USDT filed by users in July 2024.
The company said it would be returning funds through token distributions, which could yield 75% to 80% of the value of users’ account balances at the time of the cyberattack.
CoinSwitch capitalizes on the hack
Indian cryptocurrency exchange and WazirX competitor CoinSwitch has announced a recovery fund aimed at supporting victims of the WazirX cyberattack.
CoinSwitch took to X on Jan. 7 to officially announce the launch of a WazirX hack recovery fund of 600 crore Indian rupees ($69.9 million) called “CoinSwitch Cares,” the company’s recovery fund.
Notably, CoinSwitch is also pursuing legal action against WazirX to recover 2% of its funds stuck with WazirX, cumulatively amounting to 12.4 crore rupees ($1.44 million).
WazirX also plans to launch a DEX to generate additional profits and settle outstanding claims.
$BTC
$GMT
$LRC
#NFPCryptoImpact #WazirXIndia #WazirXHack
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