As a seasoned crypto investor who has navigated through numerous market fluctuations and regulatory hurdles, I find today’s court proceedings regarding WazirX intriguing. The Delhi High Court’s decision to demand a fresh investigation into the matter is a testament to the importance of transparency in our industry.
Recently, the Delhi High Court dismissed the Delhi Police’s status report regarding a petition challenging the WazirX management. In this report, the police stated that no case could be established.
On October 18th, Advocate Jaivir Bains’ petition seeking a criminal inquiry into the WazirX hack was accepted by the Delhi High Court (Jaivir Bains vs FIU & ORS). Justice Sanjeev Narula, leading a single bench of the court, requested the Delhi Police’s IFSO (Intelligence Fusion and Strategic Operations) to submit a status report concerning the hack.
On Wednesday, the Delhi Police submitted a report in response to Adv. Jaivir’s petition, stating that no criminal case can be pursued based on his complaint. However, Justice Sanjeev Narula rejected this police report and ordered the deputy commissioner of police to submit a new report by February 13, 2025. The court has scheduled another hearing for the same date.
Based on reliable insider information, lawyer Jaivir’s petition stated that the WazirX administration allegedly moved around 600 crores Indian rupees (approximately $72 million) of user funds to Bybit, a Chinese exchange not registered in India, following the July 18 hack. Prior to this incident, Jaivir had also urged for an investigation into WazirX management activities.
The Delhi High Court’s recent court hearings suggest that they did not exonerate WazirX completely, instead calling for a new police investigation.
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2024-12-18 09:40