An important case related to Cryptocurrency Exchanges Wazirx Hack was recently rejected by the Nationwide Client Disputes Redressal Fee (NCDRC). The case was filed by a group of 40 persons who alleged in July 2022 233 million dollars The loss was claimed due to hack. Wazirx hack Regarding the matter related to the case, the Indian Consumer Court decided that Cryptocurrency is neither a legal tender nor has it been approved as investment in India, so these claims cannot be considered on a legal basis.
NCDRC’s decision and its reasons
The NCDRC said that the right to the Client Courtroom applies only to matters present in India and since Wazirx is headquartered in Singapore, it cannot be accepted for hearing under Indian law. The decision also stated that cryptocurrency has been considered as an object and it comes as assets under the Income Tax Act. Therefore, this case does not come under Indian Client Coverage Legislation.
The prosecution lawyer, Aman Rahim Khan, despite this decision gave positive indications and said that they are planning to challenge this lawsuit associated with Wazirx Hack in an ideally suited courtroom. The issue is still expected to continue a legal battle on the issue, while Wazirx had earlier announced that it would return an amount of up to 85% to the affected investors under its restructuring plan.
The importance of Wazirx Balloting and the direction of the future
Now that the case is out of court, another significant turn for Wazirx has taken place. Started on March 19 Wazirx balloting will be ended todayAccording to the information, this voting will end at IST at 6 pm on March 28. This voting gives a chance to give his opinion to 4.4 million users of Wazirx, affecting the restructure plan of the platform.
Control has warned that if the restructant proposal is rejected, there may be more suspension of funds, due to which many users’ funds have been stranded for the last 9 months. Explain that after the Wazirx balloting process, a third party auditor will review votes and the results will be announced on 8 April.
Conclusion
This time is very important for Wazirx and its users. A wrong decision may lead to more problems with platform users, while successing the restructuring scheme on the other hand may be beneficial for investors. Amidst these incidents, Wazirx users are now expecting help from the Supreme Court. In such a situation, it will be interesting to see if this matter is valid by the Supreme Court or not.
