WRX Coin Jumps 18% After Supreme Court Ruling in WazirX Hack Case

On April 16, the WRX token, which is WazirX's native cryptocurrency, jumped suddenly by 18% after a Supreme Court ruling threw out a criminal petition filed by users against the exchange. The petition was about issues related to the WazirX hack attack, and the rejection provided relief to traders and investors.

The court found the matter outside its purview and directed the case to appropriate forums. This development has eased some of the legal pressure on WazirX, prompting a surge in investor sentiment and WRX’s market performance.

WRX Token Sees Strong Market Movement

In the 17 hours after the verdict, WRX gained almost 18%, and its trading volume increased 230%. WRX was trading at $0.02416 with a market cap nearing $9.22 million at the time of writing.

The market took the ruling as good news, hinting that at least some regulatory overhang surrounding WazirX is starting to lift, at least in the short run. The hopes have renewed market interest in the token, which had been lying relatively flat following the July 2024 hack.

Background: WazirX Hack and Legal Dispute

The legal case was a result of a criminal petition by a number of users against WazirX co-founder Nischal Shetty and other senior executives. The users had complained about missing funds and claimed security lapses on the platform.

The Supreme Court, however, rejected the plea, saying it was not in its jurisdiction. The court told petitioners to seek other competent authorities, essentially leaving the door open for further legal action elsewhere.

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Investor Confidence on the Upswing

In spite of the continued legal hiccups, this judgment was received as a possible turning point. Investors view this as a move towards finalizing long-pending issues that have tarnished the credibility of the platform.

Although it's premature to conclude that WazirX is in the clear, the surge in WRX token performance is an indication of increasing optimism. The move may not fix all problems, but it carries hope for a better, more stable future—both for the platform and the community.