Investors in a Crypto Comedy: WazirX Woes and Supreme Court Showdown!

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Gather ‘round, dear readers, for a curious tale of the National Consumer Disputes Redressal Commission (NCDRC) who, like a child ignoring a pesky fly, has dismissed the cries of a group of WazirX investors! They lost their shiny coins due to a ghastly $234 million crypto heist. 😱

To the Supreme Court They Go!

With a shrug of its shoulders, the commission has declared that, because crypto is about as regulated as a wild west saloon in India, it simply can’t wade into this muddle. They asserted that cryptocurrencies are not legal tender nor recognized as investment gems in India, leaving the investor’s shout of financial fraud against WazirX rather limp! 🤷‍♂️

But worry not, for the valiant lawyer Aman Rehaan Khan is ready to don his superhero cape and march to the Supreme Court! His plan? To recover those lost treasures and throw a fair few criminals in the slammer. 🦸‍♂️

Some Cheerful Chinchillas Despite the Trouble!

Now, our dear lawyer spun some optimism from this damp cloth of rejection! The consumer forum agreed—yes, indeed!—that cryptocurrencies are defined as ‘goods’ under the Consumer Protection Act and treated as property under the Income Tax Act. Well, that’s something to dance about, isn’t it? 💃

Picture this: 40 disgruntled investors strutting around, claiming to have lost about INR 12 crore (that’s about $1.4 million, folks, not chump change!) in this digital kerfuffle.

Now here’s the kicker! While crypto isn’t legal tender in India, the government delights in taxing crypto profits at a staggering 30%! 🎩 ‘Hurray for taxes!’ they cheer from the treasury. All exchanges must play nice and register with the Financial Intelligence Unit (FIU), a delightful game of paperwork that no one particularly enjoys. The much-anticipated Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 was promised—but like a magician’s rabbit, it never appeared! 🎩✨

And now, all eyes are on the Supreme Court, which previously lifted the RBI’s 2018 ban on crypto trading. Will they wave their magic wand and bring clarity? Stay tuned!

Miracle Money Recovery by April? 🎉

As if by some miraculous twist, WazirX, helmed by the ever-enthusiastic Nischal Shetty, has announced a restructuring plan that promises to sprinkle some fairy dust and help clients recover some of that lost loot! 🧙‍♂️✨

WazirX recently vowed to return 85% of the lost assets via a court-approved restructuring scheme in Singapore. Eight online town halls and endless meetings later, they’ve still got to announce their next dazzling move. But the plan involves releasing a whopping $284 million in liquid assets and blessing tarnished users with recovery tokens! How splendid! 🎊

The restructuring also includes a new, shiny decentralized exchange—because why not? Profits from the first three years post-relaunch will go to buy back those lovely recovery tokens. Sounds like a scamper to the treasure trove, doesn’t it? 🏴‍☠️💰

The patch-up plan is all smiles and sunshine, thanks to the Singapore Court’s approval! Users, hold on to your hats; you may just reclaim your stolen crypto by April! 🥳

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2025-03-29 12:08