The post Consumer court dismisses WazirX hack victims’ complaints appeared on BitcoinEthereumNews.com.

A consumer court has dismissed the complaints of a group of investors that were affected by the WazirX hack. According to a report, the National Consumer Disputes Redressal Commission (NCDRC) declined to entertain the plea of the investors who lost $234 million after the crypto exchange was hacked. According to reports, the commission told the complainants that the legality and the nature of the transactions are still not regulated to the extent as required in the country and therefore carrying out an investigation into the illegalities in their complaints “does not seem to be amenable to this jurisdiction”. In light of the response, the advocate representing the complainants, Aman Rehaan Khan, told reporters that the complainants will move their complaints to the Supreme Court. “We plan to take this matter to the Supreme Court and seek recovery of lost funds and criminal proceedings against the entities and individuals involved in the matter,” Khan said. Consumer court dismisses WazirX victims’ complaints, Supreme Court next? According to the lawyer, the verdict of the NCDRC was disappointing but mentioned that their morale is not dampened. He mentioned that while the setback was something worth pondering about, there were some positives from the consumer forum’s verdict. He mentioned that the forum agreed that cryptocurrencies are classified as goods under the Consumer Protection Act and also fall under the purvey of property mentioned in the Income Tax Act. The complaint, which was jointly filed by about 40 investors, claimed that they had lost about 12 crores ($1.4 million) worth of digital assets in the hack and eventual theft that took place on WazirX. While crypto is not regarded as legal tender in India, the government charges a 30% tax on profits made from trading digital assets. Also, the country mandates all the crypto exchanges operating…

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Filed under: News - @ March 29, 2025 4:21 pm