WazirX Faces Legal and Financial Challenges Amidst Crypto Scandals

In recent developments, WazirX, one of the largest cryptocurrency exchanges, is navigating through a series of legal and financial challenges. The Delhi court has suggested that the Central Bureau of Investigation (CBI) should take over the investigation into a ₹2,000 crore ($235 million) cyber heist linked to the exchange. This recommendation comes as the case continues to unfold, highlighting the severity of the situation.

Legal Proceedings and User Concerns

On May 13, 2025, a critical hearing took place at the Singapore High Court concerning WazirX’s restructuring efforts following last year’s $230 million hack. Although no final decisions were made, the court extended the moratorium on claims until June 6, allowing WazirX more time to address the fallout from the hack. This extension has left users anxious, as they await refunds and a resolution to the ordeal.

Market Impact and Financial Overview

As of May 14, 2025, WazirX’s close price stood at 0.031055, with a market capitalization of 10,942,429.866. The exchange has experienced significant volatility, with a 52-week high of 0.289211 on December 15, 2024, and a low of 0.0172292 on December 28, 2024. These fluctuations reflect the broader challenges faced by the exchange amidst ongoing legal and financial scrutiny.

Broader Crypto Crime Landscape

In related news, Telegram has taken decisive action against major crypto-fueled black markets. The platform has shut down thousands of accounts linked to Haowang Guarantee, a network involved in laundering over $27 billion in Asia’s cyber scam economy. Additionally, Telegram has clamped down on Xinbi Guarantee, a $8.4 billion illicit crypto marketplace based in Colorado, disrupting its operations and significantly impacting the darknet market landscape.

These developments underscore the ongoing challenges within the cryptocurrency sector, as exchanges like WazirX grapple with legal issues and market volatility, while broader efforts to combat crypto crime continue to evolve.