WazirX users who lost money in last July’s hack are taking legal action. A group of victims is preparing to sue the exchange, aiming to recover over $600,000 in stolen crypto. This comes after the exchange announced a moratorium in Singapore to focus on recovery efforts.
WazirX Under Fire After Hack
The lawsuit is directed at WazirX’s Singapore-based parent company. This follows the exchange’s publication of its Proof of Reserves (POR) report, which detailed the extent of the hack.
The hack in July resulted in the theft of over $52 million in Ether and $100 million in Shiba Inu, among other crypto assets. This represented 45% of the exchange’s total reserves.
Victims Demand Justice
Despite the moratorium, a group of 30 victims are moving forward with a class-action lawsuit. They are represented by lawyer Aman Reehan Khan, who plans to file the lawsuit with the National Consumer Disputes Redressal Commission (NCDRC) by November.
The victims argue that their agreement was with Zanmai Labs Pvt Ltd, the company responsible for holding their assets. They question WazirX’s decision to seek a moratorium and restructure in Singapore through its parent company.
More Victims Expected to Join
Khan expects more victims to join the lawsuit. The goal is to recover the full amount of stolen crypto, not just the 55% initially promised by WazirX.
This class-action lawsuit is not the only legal action facing WazirX. CoinSwitch founder Ashish Singhal has filed a complaint, and Javir Bains filed a suit in October, calling for an investigation into the hack.
A Call for Accountability
Beyond the legal actions, a growing movement on Twitter is demanding accountability from WazirX. The “Justice for WazirX Users” profile encourages victims to come forward and file complaints.
The victims’ fight for justice highlights the ongoing challenges facing the crypto industry, particularly in the wake of security breaches.
