Supreme Court Just Shuts Down WazirX Users’ Cry for Help – Oops!

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So, here’s a plot twist for you: The Supreme Court of India on Wednesday completely shut down the plea from WazirX users. You know, the ones who were hoping for some divine intervention from the highest court in the land regarding a massive crypto heist. Spoiler: That didn’t happen. 😬

A two-judge bench, Justice BR Gavai and Justice Augustine Masih, basically told the 54 petitioners, “Sorry, not our circus, not our monkeys.” They dismissed the petition, saying they’re not the right people to handle crypto chaos. It’s a “policy issue,” they say. But hey, they didn’t leave them totally hanging. They can always knock on the door of the Union of India and other regulatory authorities. Because why not? More red tape never hurt anyone, right? 😏

SC Advocate-on-record Priyanka Prakash, representing the disgruntled victims, spilled the tea to The Crypto Times:

“The Supreme Court has refused to entertain the plea by WazirX users, stating they are not the relevant authorities. Additionally, they have given us the liberty to approach Union of India and other appropriate forums. As of now, we have not decided on the next approach.”

Now, let’s rewind. It’s been 10 months since ₹2,000 crore mysteriously vanished into thin air from WazirX wallets. Naturally, these poor souls took their grievances to the Supreme Court. And guess what? Another setback. Big surprise. The Court basically told them, “Nope, we can’t help. Try again elsewhere.” 🙄

The bench pointed out that petitioners can approach other government bodies for justice. So, that’s it folks. They’re back to square one. No closure. No clarity. Just more waiting. The drama continues. 🍿

So what did the WazirX users want? Oh, just a little thing like…

1. A Special Investigation Team (Because, why not add a little drama?)

They were hoping for a multi-agency squad to swoop in and investigate the ₹2,000 crore hack. Picture it: Officers from RBI, SEBI, NIA, CBI, and more! A crypto Avengers team, if you will. But nope, no luck. They’ll have to find their own Avengers elsewhere.

“To appoint a special investigation team consisting of the officers of the Reserve Bank of India, SEBI, FIU, NIA, CBI, and SFIO into affairs of WazirX and its associated entities, in view of the alleged hack occurred on 18.07.2024 and to submit the report before this Hon’ble Court within a time frame to be fixed by this Hon’ble Court.”

2. A Full Forensic Audit (Because, who doesn’t love a good audit?)

The victims were also hoping for a forensic audit, like the financial equivalent of a nosy neighbor snooping through your stuff. They wanted auditors to go through WazirX’s records with a fine-tooth comb. But alas, the court didn’t think it was their problem. *Shrug*

“To appoint a special team of auditors to look into the financial statements and other necessary documents of WazirX and to submit a report before this Hon’ble Court within a time frame to be fixed by this Hon’ble Court.”

3. Keep Your Hands Off Our Assets (Because stealing once is enough, right?)

The victims begged the court to stop WazirX from tampering with their portfolios. Freeze the accounts, keep your hands to yourselves. They want to make sure that if there’s any more crypto mischief, it’s not at their expense. Sadly, the court didn’t think it was their job to safeguard wallets. Surprise, surprise.

  • Union of India, represented by the Ministry of Finance
  • Reserve Bank of India (RBI)
  • Securities and Exchange Board of India (SEBI)
  • Financial Intelligence Unit (FIU)
  • National Investigation Agency (NIA)
  • Central Bureau of Investigation (CBI)
  • Serious Fraud Investigation Office (SFIO)
  • Zanmai Labs, the company behind WazirX
  • Nischal Shetty, co-founder and CEO of WazirX
  • Binance Holdings Ltd., represented by Vishal Sacheendran
  • Liminal Custody Solutions Pvt. Ltd., the crypto custody partner

And with today’s dismissal, there’s no word on when (or if) there will be another hearing. But hey, don’t worry — the Supreme Court left a tiny door open. They can always try government bodies for help. Will this lead to justice, or just more paperwork? Stay tuned. Or don’t. We’re not holding our breath. 🤷‍♀️

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2025-04-16 11:03