WazirX, a popular Indian cryptocurrency exchange, has been suspended for three months following a hack that led to customers being unable to fully withdraw their funds. The Delhi High Court has ordered enforcement agencies to investigate the situation and advised customers to approach a civil court in order to recover their funds from WazirX.
Kashif Raza, a Crypto X user with expertise in Indian crypto regulations, explained that the court’s decision has both positive and negative aspects for the Indian crypto community. On the positive side, the police have been directed to investigate the hack and involve the Enforcement Directorate (ED) and Financial Intelligence Unit (FIU) if there is evidence of insider involvement at WazirX. However, on the negative side, the court has asked petitioners to go to civil court where proceedings are typically slow-moving and result in penalties such as fines or monetary restitution. The lack of sufficient evidence proving criminal activity at this stage is why the case was sent to civil court rather than criminal court.
The current trade price of $WRX coin is $0.12 which is 47.5% down year-to-date (YTD).
