India’s Top Court Dismisses WazirX Hack Petition on Regulatory Grounds

• India Supreme Court dismisses WazirX hack victims’ criminal petition against WazirX, Binance, and Liminal Custody
• Court cites India’s unclear cryptocurrency regulations as reason for rejecting the ~$234 million hack case
• Ruling highlights crypto legal gap; separate WazirX restructuring plan aims for 85 percent asset return to victims

In a major setback for victims of the July 2024 WazirX cryptocurrency hack, the Supreme Court of India today dismissed a criminal petition filed by over 50 users seeking action against the exchange’s management, including co-founder Nischal Shetty, as well as Binance Holdings and Liminal Custody.

The court explicitly cited the unclear regulatory landscape surrounding cryptocurrencies in India as its reason, stating it was “not inclined to entertain the plea.“

The petition, which detailed allegations of severe negligence, poor management of user assets, and inadequate security protocols leading to an estimated loss of over 2,000 crores (approximately $234 million) was presented before a bench comprising Justice BR Gavai and Justice Augustine Masih. However, the bench swiftly dismissed the case.

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