A Crypto X user, who has expertise in laws and rules, stated that the latest court ruling regarding the WazirX crypto exchange hack has a significant negative factor.
WazirX, a once-popular Indian crypto exchange, though technically based in Singapore, has suspended its services for the past three months, as it has been unable to process full fund withdrawals for customers. Under increasing pressure from Indian crypto investors, the Delhi High Court ordered enforcement agencies to investigate the situation and advised customers to approach a civil court to recover their funds from WazirX.
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Just Wow! Court Issues Notice to #FIU & ED to Investigate Indian #Crypto Exchange #WazirX— Bitcoinik (@Bitcoinikdotcom) October 18, 2024
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A Crypto X user Kashif, known in the Indian crypto community for his understanding of Indian crypto regulations, shared his perspective on the court’s decision.
He explained that the court’s order has both positive and negative aspects for the Indian crypto community. On the positive side, the court directed the police to investigate the hack and involve the Enforcement Directorate (ED) and Financial Intelligence Unit (FIU) if there is evidence of insider involvement in the hack at WazirX. However, on the negative side, the court advised the petitioner to approach a civil court, which is notorious for its slow proceedings and typically results in penalties such as fines or monetary restitution. The court’s decision to send the case to civil court, rather than criminal court, is due to the lack of sufficient evidence to prove criminal activity at this stage, necessitating further police investigation.
The current trade price of $WRX coin, the native token of WazirX crypto exchange, is $0.12 & this price level is 47.5% down year to date (YTD).
Read also: Leading Crypto Management Firm Executive Says Coinbase’s Base Will Launch $Base Token
Crypto law expert says Delhi court ruling not having good sign for Wazirx creditors
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