New Delhi, March 27 -- A consumer court has dismissed a class action filed by a group of 40 individuals affected by domestic crypto exchange WazirX losing $233 million in an alleged hack in July last year.

The National Consumer Disputes Redressal Commission (NCDRC) on Thursday noted that cryptocurrencies are neither legal tender nor permitted as an investment asset in India. Hence, the lawsuit's primary complaint of 'financial fraud' alleged against WazirX does not find legal ground in the country, it said.

NCDRC added that it did not have jurisdiction to pass judgement on offshore entities. As the complainants had signed WazirX's terms and conditions and agreed to pursue resolutions to corporate conflicts under Singapore's law, the mat...