The victims of the WazirX hack last July 2024 are actually planning a class-action lawsuit. In keeping with multiple sources, a gaggle of victims is finalizing the plans to sue India’s largest crypto exchange to recuperate greater than $600,000 in crypto assets.
It’s the most recent development related to India’s biggest crypto hack, by which greater than $230 million value of cryptocurrencies were stolen. In keeping with recent reports, the hacker or group of hackers has already accomplished laundering stolen funds using Tornado Money.
WazirX Undergoing Recovery, Faces Suits Ahead
The planned class-action lawsuit was announced a number of days after WazirX published its official Proof of Reserves (POR) report. In keeping with reports, the legal motion can be against WazirX’s Singapore-based parent company.
The announcement comes nearly two months after WazirX successfully filed for a four-month moratorium in Singapore to concentrate on recovery and resolving issues and other concerns related to the hacking.
In July, the favored crypto exchange was hit by a security breach, stealing over $52 million in Ether and over $100 million in Shiba Inu, amongst other crypto assets. In keeping with the exchange, the stolen funds account for 45% of its total reserves, based on the corporate’s June 2024 report.
Image: Business Today
Disgruntled Victims To Sue Despite Moratorium
Although WazirX’s parent company has earned a moratorium, this didn’t stop a gaggle of disgruntled victims from planning a category motion. Around 30 victims have contacted lawyer Aman Reehan Khan to represent the group and file the lawsuit with the National Consumer Disputes Redressal Commission (NCDRC) by November.
In keeping with Khan, the victims plan to file a grievance since the users’ and WazirX’s agreement was with Zanmai Labs Pvt Ltd, the corporate answerable for holding all assets. Khan further questions WazirX’s move to file a moratorium and re-structuring in Singapore through its parent company.
More Wazir X Victims Expected To Follow
Khan expects more victims to come back forward and join the class-action lawsuit. He further explained that the suit goals to revive the crypto balance for the withdrawal entirely and never just the 55% WazirX initially promised in September.
In keeping with other reports, India’s WazirX can be facing two more legal actions, including a grievance from Ashish Singhal of CoinSwitch and an October 18th suit filed by Javir Bains, who also called for an investigation into the hacking.
Along with the category motion lawsuit, other campaigns aim to carry the Indian crypto exchange to account. For instance, over Twitter/X, there’s a profile for “Justice for WazirX Users,” which campaigns for awareness and encourages more victims to come back out and file complaints against the exchange.
Featured image from Pixabay, chart from TradingView