{"id":1728,"date":"2024-10-27T22:02:24","date_gmt":"2024-10-27T22:02:24","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=1728"},"modified":"2024-10-27T22:02:24","modified_gmt":"2024-10-27T22:02:24","slug":"hacked-wazirx-users-take-legal-action-class-action-lawsuit-in-the-works","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=1728","title":{"rendered":"Hacked WazirX Users Take Legal Action \u2013 Class-Action Lawsuit In The Works"},"content":{"rendered":"
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The victims of the WazirX hack last July 2024 are now planning a class-action lawsuit<\/a>. According to multiple sources, a group of victims is finalizing the plans to sue India\u2019s largest crypto exchange to recover more than $600,000 in crypto assets.<\/p>\n

It\u2019s the latest development related to India\u2019s biggest crypto hack<\/a>, in which more than $230 million worth of cryptocurrencies were stolen. According to recent reports, the hacker or group of hackers has already completed laundering stolen funds using Tornado Cash.<\/p>\n

WazirX Undergoing Recovery, Faces Suits Ahead<\/strong><\/h2>\n

The planned class-action lawsuit was announced a few days after WazirX published its official Proof of Reserves (POR) report<\/a>. According to reports, the legal action will be against WazirX\u2019s Singapore-based parent company.<\/p>\n

The announcement comes nearly two months after WazirX<\/a> successfully filed for a four-month moratorium in Singapore to focus on recovery and resolving issues and other concerns associated with the hacking.<\/p>\n

In July, the popular crypto exchange was hit by a security breach, stealing over $52 million in Ether and over $100 million in Shiba Inu, among other crypto assets. According to the exchange, the stolen funds account for 45% of its total reserves, based on the company\u2019s June 2024 report.<\/p>\n

\"\"<\/p>\n

Disgruntled Victims To Sue Despite Moratorium<\/strong><\/h2>\n

Although WazirX\u2019s parent company has earned a moratorium, this didn\u2019t stop a group of disgruntled victims from planning a class action. 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.<\/p>\n

According to Khan, the victims plan to file a complaint because the users\u2019 and WazirX\u2019s agreement was with Zanmai Labs Pvt Ltd, the company responsible for holding all assets. Khan further questions WazirX\u2019s move to file a moratorium and re-structuring in Singapore through its parent company.<\/p>\n


\nMore Wazir X Victims Expected To Follow<\/strong><\/p>\n

Khan expects more victims to come forward and join the class-action lawsuit. He further explained that the suit aims to restore the crypto balance for the withdrawal entirely and not just the 55% WazirX initially promised in September.<\/p>\n

According to other reports, India\u2019s WazirX is also facing two more legal actions, including a complaint from Ashish Singhal of CoinSwitch and an October 18th suit filed by Javir Bains, who also called for an investigation into the hacking.<\/p>\n

In addition to the class action lawsuit, other campaigns aim to hold the Indian crypto exchange to account. For example, over Twitter\/X, there\u2019s a profile for \u201cJustice for WazirX Users,\u201d which campaigns for awareness and encourages more victims to come out and file complaints against the exchange.<\/p>\n

Featured image from Pixabay, chart from TradingView<\/em><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

The victims of the WazirX hack last July 2024 are now planning a class-action lawsuit. According to multiple sources, a group of victims is finalizing the plans to sue India\u2019s largest crypto exchange to recover more than $600,000 in crypto assets. It\u2019s the latest development related to India\u2019s biggest crypto hack, in which more than […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-1728","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/1728","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1728"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/1728\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1728"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1728"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1728"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}