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’s largest crypto exchange to recover more than $600,000 in crypto assets.

It’s the latest development related to India’s biggest crypto hack, 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.

WazirX Undergoing Recovery, Faces Suits Ahead

The planned class-action lawsuit was announced a few days after WazirX published its official Proof of Reserves (POR) report. According to reports, the legal action will 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 focus on recovery and resolving issues and other concerns associated with the hacking.

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’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 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.

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Author: Christian Encila