Binance-Linked WazirX Hack Victims Denied Justice as India Lacks Crypto Framework

The Indian Supreme Court has dismissed a petition by victims of the 2024 WazirX hack, citing the absence of a clear regulatory framework for cryptocurrencies. The decision leaves 54 affected users without recourse for their losses, which totaled ₹2,000 crore ($234 million).

Lack Of Crypto Framework In India Keeps WazirX Hack Victims From Justice

The Indian Supreme Court dismissed a petition filed by 54 affected users of the 2024 WazirX hack on 16 April 2025. The victims, who lost funds in the major ₹2,000 crore ($234 million) cyberattack, sought urgent relief. The apex judicial body cited the absence of a clear regulatory framework for cryptocurrencies and dismissed cases against the exchange’s management, including co-founder Nischal Shetty, along with Binance Holdings and Liminal Custody. The victims had alleged gross negligence, mismanagement of user assets, and insufficient security measures that contributed to the hack.

Binance Advises Countries on Creating Bitcoin Reserves

Binance, the crypto exchange platform, is actively advising several governments on establishing strategic bitcoin reserves and developing regulatory frameworks. Richard Teng, CEO of Binance, confirmed in an interview with the Financial Times that the platform has received requests from countries and sovereign funds for such assistance. This trend is accelerating as many countries follow the American example, with a Trump decree creating a strategic Bitcoin reserve setting the precedent. Binance is at the heart of several countries’ national Bitcoin strategies.