Delhi HC Seeks Response on Plea Over Financial Crisis at BitBNS Crypto Exchange

The Delhi High Court has sought responses from the RBI and SEBI on a plea regarding the BitBNS cryptocurrency platform, accused of "freezing user withdrawals from the wallet" after a February 2022 cyberattack.

Petitioners claim BitBNS concealed the attack under "system maintenance," violating its fiduciary duty.

The plea demands a regulatory framework for cryptocurrency, a probe by SIT or CBI, and compensation for affected users.

Alleging mismanagement and fund misappropriation,the petition highlights investor losses and delays in fund access. The Court will hear the matter next on April 4, 2025.