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Bitcoin Bitcoin (BTC) $118,131.48 ↑ 0.25%
Ethereum Ethereum (ETH) $3,829.09 ↑ 2.42%
XRP XRP (XRP) $3.18 ↓ -0.02%
Tether USDt Tether USDt (USDT) $1.00 ↑ 0.01%
BNB BNB (BNB) $796.94 ↑ 2.00%
Solana Solana (SOL) $187.00 ↓ -0.34%
USDC USDC (USDC) $1.00 ↑ 0.00%
Dogecoin Dogecoin (DOGE) $0.24 ↑ 0.38%
TRON TRON (TRX) $0.32 ↑ 1.15%
Cardano Cardano (ADA) $0.82 ↑ 0.18%
Sui Sui (SUI) $4.29 ↑ 6.35%
Hyperliquid Hyperliquid (HYPE) $42.87 ↓ -3.25%
Stellar Stellar (XLM) $0.44 ↓ -0.18%
Chainlink Chainlink (LINK) $18.76 ↑ 3.05%
Hedera Hedera (HBAR) $0.28 ↑ 5.10%
Bitcoin Cash Bitcoin Cash (BCH) $593.73 ↑ 6.42%
Avalanche Avalanche (AVAX) $24.92 ↑ 2.79%
Litecoin Litecoin (LTC) $113.12 ↓ -0.33%
UNUS SED LEO UNUS SED LEO (LEO) $8.98 ↓ -0.02%
Shiba Inu Shiba Inu (SHIB) $0.00 ↓ -0.01%
Toncoin Toncoin (TON) $3.31 ↑ 0.47%
Ethena USDe Ethena USDe (USDe) $1.00 ↑ 0.02%
Uniswap Uniswap (UNI) $10.65 ↑ 2.17%
Polkadot Polkadot (DOT) $4.15 ↑ 1.40%
Monero Monero (XMR) $323.52 ↓ -0.11%
Bitget Token Bitget Token (BGB) $4.62 ↑ 1.27%
Dai Dai (DAI) $1.00 ↓ -0.01%
Pepe Pepe (PEPE) $0.00 ↑ 0.43%
Cronos Cronos (CRO) $0.14 ↑ 4.00%
Aave Aave (AAVE) $296.57 ↑ 0.28%
Bittensor Bittensor (TAO) $428.44 ↑ 0.83%
Ethena Ethena (ENA) $0.62 ↑ 7.53%
NEAR Protocol NEAR Protocol (NEAR) $2.91 ↑ 1.71%
Ethereum Classic Ethereum Classic (ETC) $22.83 ↑ 0.13%
Pi Pi (PI) $0.44 ↑ 0.45%
Ondo Ondo (ONDO) $1.05 ↑ 0.32%
Aptos Aptos (APT) $4.81 ↑ 0.97%
Internet Computer Internet Computer (ICP) $5.69 ↑ 1.27%
OKB OKB (OKB) $48.21 ↓ -0.05%
Kaspa Kaspa (KAS) $0.10 ↑ 5.17%
Mantle Mantle (MNT) $0.82 ↑ 5.29%
Bonk Bonk (BONK) $0.00 ↓ -3.94%
Pudgy Penguins Pudgy Penguins (PENGU) $0.04 ↓ -1.83%
POL (prev. MATIC) POL (prev. MATIC) (POL) $0.24 ↑ 1.94%
Algorand Algorand (ALGO) $0.28 ↑ 3.49%
Arbitrum Arbitrum (ARB) $0.45 ↑ 1.89%
VeChain VeChain (VET) $0.03 ↑ 0.68%
Render Render (RENDER) $4.27 ↑ 1.14%
World Liberty Financial USD World Liberty Financial USD (USD1) $1.00 ↓ -0.01%
GateToken GateToken (GT) $17.84 ↑ 0.64%
Worldcoin Worldcoin (WLD) $1.17 ↑ 1.28%
OFFICIAL TRUMP OFFICIAL TRUMP (TRUMP) $10.15 ↑ 0.71%
Sky Sky (SKY) $0.10 ↑ 1.79%
Sei Sei (SEI) $0.34 ↑ 2.98%
SPX6900 SPX6900 (SPX) $2.02 ↑ 0.96%
Cosmos Cosmos (ATOM) $4.78 ↑ 1.40%
Filecoin Filecoin (FIL) $2.69 ↑ 1.72%
Jupiter Jupiter (JUP) $0.59 ↑ 5.58%
Artificial Superintelligence Alliance Artificial Superintelligence Alliance (FET) $0.74 ↑ 0.84%
Flare Flare (FLR) $0.02 ↑ 1.62%
Story Story (IP) $5.49 ↑ 0.12%
Quant Quant (QNT) $126.86 ↑ 5.33%
Injective Injective (INJ) $15.19 ↑ 6.05%
KuCoin Token KuCoin Token (KCS) $11.51 ↓ -0.34%
XDC Network XDC Network (XDC) $0.09 ↑ 1.71%
First Digital USD First Digital USD (FDUSD) $1.00 ↑ 0.00%
Celestia Celestia (TIA) $1.99 ↑ 3.14%
Curve DAO Token Curve DAO Token (CRV) $1.05 ↓ -0.30%
Fartcoin Fartcoin (FARTCOIN) $1.33 ↓ -2.97%
Four Four (FORM) $3.43 ↑ 1.27%
Stacks Stacks (STX) $0.81 ↑ 0.80%
Optimism Optimism (OP) $0.72 ↑ 1.15%
FLOKI FLOKI (FLOKI) $0.00 ↑ 0.74%
Ethereum Name Service Ethereum Name Service (ENS) $31.03 ↑ 3.21%
Immutable Immutable (IMX) $0.59 ↑ 3.28%
dogwifhat dogwifhat (WIF) $1.08 ↑ 1.24%
The Graph The Graph (GRT) $0.11 ↑ 2.10%
Virtuals Protocol Virtuals Protocol (VIRTUAL) $1.59 ↑ 0.28%
Kaia Kaia (KAIA) $0.17 ↓ -0.21%
Lido DAO Lido DAO (LDO) $1.10 ↑ 2.25%
Pump.fun Pump.fun (PUMP) $0.00 ↑ 8.60%
PancakeSwap PancakeSwap (CAKE) $2.80 ↑ 1.59%
Sonic Sonic (S) $0.33 ↓ -0.03%
Conflux Conflux (CFX) $0.19 ↑ 3.35%
PAX Gold PAX Gold (PAXG) $3,360.59 ↑ 0.12%
Tezos Tezos (XTZ) $0.89 ↓ -0.74%
Vaulta Vaulta (A) $0.58 ↑ 0.56%
Theta Network Theta Network (THETA) $0.90 ↑ 2.14%
PayPal USD PayPal USD (PYUSD) $1.00 ↑ 0.01%
JasmyCoin JasmyCoin (JASMY) $0.02 ↑ 1.10%
IOTA IOTA (IOTA) $0.22 ↑ 3.38%
Nexo Nexo (NEXO) $1.31 ↑ 0.17%
Tether Gold Tether Gold (XAUt) $3,349.37 ↑ 0.07%
Raydium Raydium (RAY) $3.08 ↓ -0.39%
The Sandbox The Sandbox (SAND) $0.32 ↑ 3.22%
Gala Gala (GALA) $0.02 ↑ 1.83%
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Pyth Network Pyth Network (PYTH) $0.13 ↑ 2.12%
Pendle Pendle (PENDLE) $4.40 ↓ -0.56%
Jito Jito (JTO) $2.01 ↑ 2.47%
Home News

₹2,000 Crore Gone: How Supreme Court Drops WazirX Case

Ela Fatima by Ela Fatima
16 April 2025
in News, Economy, en
Reading Time: 4 mins read
0
₹2,000 Crore Gone: How Supreme Court Drops WazirX Case

According to the recent updates, the WazirX crypto hack has officially taken a controversial turn. India’s Supreme Court recently dismissed a plea filed by 54 aggrieved investors who were victims of a staggering ₹2,000 crore (approx. $240 million) crypto heist on the WazirX exchange. The ruling was seen as both a legal and emotional blow to thousands of Indian crypto users seeking justice.

In July 2024, WazirX, one of India’s largest digital asset platforms, suffered a catastrophic breach. What followed was chaos, confusion, and now, judicial silence. While the matter has captured the attention of financial authorities and tech investigators alike, victims continue to face uncertainty about the recovery of their funds.

Table of Contents

Toggle
    • YOU MAY BE INTERESTED
    • Near Protocol Price Prediction 2025 and 2026: Can NEAR Deliver Strong Returns?
    • Pudgy Penguins Mooned, Now Troller Cat’s 2024% ROI Is Turning Heads Fast
  • How the ₹2000 Crore WazirX Crypto Hack Happened
  • Legal Chaos: Victims Left in the Dark
  • Ongoing Investigations and Arrests
  • What is WazirX doing to Fix the Damage?
  • The Regulatory Blindspot
  • Final Thoughts
    • FAQs
      • Q1: What caused the WazirX crypto hack?
      • Q2: Why did the Supreme Court reject the petition?
      • Q3: Has any money been recovered?
      • Q4: Is WazirX still operational?
  • Glossary of Key Terms
    • Sources

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How the ₹2000 Crore WazirX Crypto Hack Happened

The WazirX crypto hack wasn’t your typical phishing scam or accidental leak. It was reportedly orchestrated through an advanced attack targeting WazirX’s multisignature wallet infrastructure. Investigations initially pointed fingers at North Korea’s Lazarus Group—one of the world’s most notorious cybercriminal collectives, as highlighted in Coinpedia’s investigation.

The attackers successfully siphoned off massive amounts of crypto from platform hot wallets. The sheer scale of the hack affected over 4 million registered users, sparking national outrage and legal action.

The ₹2000 Crore WazirX Crypto Hack
The ₹2000 Crore WazirX Crypto Hack

Legal Chaos: Victims Left in the Dark

What happened next deepened the crisis. Over 50 victims filed a joint petition with the Supreme Court, demanding an urgent hearing, immediate investigation, and restitution. The court, however, rejected the plea, suggesting that the matter be redirected to appropriate regulatory and financial authorities like the Ministry of Finance or Reserve Bank of India.

This decision leaves investors in a bureaucratic limbo, amplifying frustrations over India’s lack of clear crypto legislation. Critics argue that this could set a dangerous precedent for future cybercrimes involving digital assets.

Ongoing Investigations and Arrests

Despite the court’s dismissal, law enforcement agencies are actively investigating. A major breakthrough came when Delhi Police arrested SK Masud Alam, who allegedly helped launder a portion of the stolen funds through complex cross-border transfers. Forensic audits are still underway, with many assets either frozen or traced to international wallets.

Additionally, India’s Financial Intelligence Unit (FIU) and Enforcement Directorate (ED) are stepping in to assess WazirX’s internal compliance and security protocols.

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What is WazirX doing to Fix the Damage?

In response to the WazirX crypto hack, the exchange’s parent company, Zettai Pte Ltd, filed for a four-month moratorium in Singapore. The company proposed a recovery model that includes a partial return of 85% of the stolen user funds using liquid assets and specially issued “recovery tokens.”

While the move is seen as a temporary lifeline, critics argue that merging stolen and untouched user funds could lead to unfair dilution and greater financial damage for those unaffected.

The WazirX Crypto Hack

The Regulatory Blindspot

This massive breach has exposed a significant blind spot in India’s crypto regulation. The country still lacks a defined legal framework for digital assets, making investor protection largely theoretical. Without concrete legislative guardrails, investors are left to rely on fragmented consumer protection laws and international treaties.

As the WazirX crypto hack unfolds, it shines a glaring spotlight on the need for proactive legal reform.

Final Thoughts

The WazirX crypto hack is not just a wake-up call—it’s an alarm bell ringing across India’s entire financial system. Investors trusted a platform that couldn’t protect their assets, and the nation’s highest court has opted out of intervening.

For now, it’s a waiting game between justice and legislation. But one thing’s clear: India’s crypto ecosystem must evolve—and fast—before trust in the system evaporates for good.

Follow us on Twitter and LinkedIn, and join our Telegram channel for more news.

FAQs

Q1: What caused the WazirX crypto hack?

A complex exploit of the exchange’s multisignature wallet system.

Q2: Why did the Supreme Court reject the petition?

The court said it wasn’t the right authority and suggested regulatory bodies handle the issue.

Q3: Has any money been recovered?

A recovery plan to reimburse 85% of affected funds is in place but not yet finalized.

Q4: Is WazirX still operational?

Yes, but with restricted functionality and pending restructuring efforts.

Glossary of Key Terms

WazirX: One of India’s largest crypto exchanges.

Multisignature Wallet: A crypto wallet requiring multiple keys to authorize a transaction, intended to enhance security.

Moratorium: A legal delay in obligations like debt or refunds.

Lazarus Group: Infamous hacker group allegedly backed by North Korea.

Recovery Tokens: Crypto assets distributed as compensation after a loss.

Sources

Coinpedia – Supreme Court Rejects WazirX Crypto Hack Petition
LiveMint – WazirX Hack: Consumer Court Dismisses Lawsuit
CryptoNewsLand – Delhi High Court Investigation Into ₹2000 Cr WazirX Hack
Financial Express – Singapore Court Grants WazirX 4-Month Moratorium

Tags: Crypto news IndiaCryptocurrency scams 2025Indian crypto regulationSupreme Court crypto caseWazirX crypto hackWazirX hack victims₹2000 crore hack
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Ela Fatima

Ela Fatima

Crypto News Writer | Content Writer | Creative Writer A storyteller at heart who loves making crypto simple and engaging. Whenever inspiration strikes, words flow, turning complex blockchain ideas into easy-to-understand insights. Passionate about exploring the digital world, she writes to inform, inspire, and connect.

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