The WazirX scam is gaining momentum speedily.
The Supreme Court stated in a recent ruling on 16th April that the much-awaited petition is unacceptable. More than 50 victims of the WazirZ scam filed a petition to investigate the case.
Allegedly, WazirX stole more than $230 million in 2024. On that note, the victims plead for an investigation on WazirX, the founder Nischal Shetty, and the main parties like Binance involved in the scam.
The court has, however, added a unique angle to the scene. According to the Indian Supreme Court, there is a sheer lack of good crypto regulations.
So, it is now the responsibility of the government and the judiciary to work in unison and find a resolution to the WazirX scam.
Takeaway For Victims
What does the latest standing mean for the victims in the case? Unfortunately, the court cannot do much about the case now.
The government has to step in now. After that, the judiciary will accept pledges, and a new law will have to be formed.
After that, the court can work with clarity in the case. But without sincere rules to tackle the case, the victims cannot forge a legal path ahead.
Quick Facts
The main hack occurred in the year 2024. Cyber attackers got access to the ETH wallet of WazirX. Meanwhile, they stole more than $230 million from the users’ funds.
Since then, the users have been panic-stricken. To date, they are demanding reasonable legal action in the case.
As the hack happened, Zettai Pte Ltd, a firm based in Singapore, closely related to WazirX, filed for insolvency.
They need time to restructure their current debts. Meanwhile, victims are asking the court to investigate Binance too.
But How Was Binance Involved In The Case?
They were the ones who provided wallet services to WazirX. So, we’ll have to wait and watch how the court moves with this controversial case!
