The Supreme Court of India has registered a criminal writ petition filed by over 50 petitioners against WazirX cryptocurrency exchange management and its co-founder Nischal Shetty, demanding criminal probe to be launched against them, with regard to the Rs 2000 crore cyber hack against the exchange in July 2024.
The SC listed the case on Tuesday and as per roster system, the writ petition has been assigned to the bench of Justice BR Gavai and Justice Augustine Masih for Wednesday i.e. April 16. There are total 54 petitioners, all victims of WazirX cryptocurrency exchange hack, who had earlier approached the Delhi High Court for its intervention in the case.
The respondents are Union of India, Reserve Bank of India, Securities and Exchange Board of India (SEBI), Financial Intelligence Unit (FIU)- India, National Investigative Agency (NIA), Central Bureau of Investigation (CBI), Serious Fraud Investigation Office, Zanmai Labs/WazirX, Nischal Shetty, Binance Holdings and Liminal Custody.
The Supreme Court bench of Justice BR Gavai and Justice Augustine Masih will listen to the arguments made on behalf of WazirX consumers represented by advocate on record (AOR) Priyanka Prakash while Arguing Counsel will be lead by Advocate Maitreyi S. Hegde, and two others Adv Anjali Anil & Adv Radhika Prasad will also be representing petitioners.
The petitioners have accused WazirX, Binance and Liminal Custody of gross negligence and mismanagement in treating public funds to the tune of Rs 4500 crore in cryptocurrencies. According to WazirX management’s own admission, the cryptocurrency platform’s ownership is currently under dispute with Binance, a global crypto exchange.
Meanwhile, the funds of around 4.4 million Indian users have been stuck on the WazirX exchange for the past 10 months, ever since it was hacked for Rs 2000 crore by unknown persons.
WazirX victims react to Supreme Court Listing
The Crypto Times reached out to several victim users of WazirX exchange whose funds have been stuck for the past 8 months. They mentioned satisfaction and a possible sight of relief as SC’s intervention has finally come in the case.
“This is not just another crypto dispute — this is the first landmark case challenging the very foundation of how crypto exchanges operate in India. The legal proceedings against WazirX and Zanmai Labs represent a turning point where victims are no longer silent, and powerful platforms are no longer untouchable. We’ve exposed serious allegations — fraud, data manipulation, misuse of shell companies, and a questionable cover-up involving the so-called Lazarus Group. The facts point to a pattern of negligence and evasion, not just by the exchange, but by its global affiliates as well,” said Romy Johnson, Tech Critic and WazirX user.
Also Read: WazirX Restructuring Nears: Court Date Set for May 13 in Singapore
