- The Delhi High Court ordered Zettai Pte Ltd, owner of crypto exchange WazirX, to submit its acquisition agreement with Binance and details of Singaporean court decisions within one week.
- The directive follows a legal dispute and demands for transparency after a $235 million hack in July 2024.
- A second vote on WazirX’s restructuring plan was held after Singapore’s High Court reversed its earlier rejection and requested a new poll.
- Creditors have called for a Special Investigation Team to probe the hack, involving Indian regulators and international cooperation.
- Binance maintains that it never completed or controlled acquisition of WazirX, despite initial signing of an agreement.
The Delhi High Court has directed Zettai Pte Ltd, the Singapore-based owner of cryptocurrency exchange WazirX, to file its agreement with Binance and provide court orders from Singapore concerning its restructuring within one week. This action comes amid a legal dispute as creditors push for more transparency following a $235 million hack that affected the platform in July 2024.
According to the court order, Zettai must produce a copy of its agreement with Binance and all related documents from the Singapore High Court concerning its restructuring efforts. The exchange recently held a second vote to approve its new restructuring plan after the Singapore High Court overturned the previous rejection of the proposal and required a revote.
Creditors, represented by Sudhir Verma and Kunal Dhariwal, filed a petition seeking a Special Investigation Team to investigate the 2024 cyberattack. They argued platform management did not handle the incident properly and called for the inclusion of agencies experienced in financial fraud, cybercrime, and cooperation with foreign regulators. “Direction to produce the Binance–Zettai deal demonstrates the judiciary’s recognition of users’ right to information and ownership of digital assets,” Dhariwal told Decrypt. The Reserve Bank of India (RBI), Securities and Exchange Board of India (SEBI), and multiple ministries were also notified and asked to discuss regulatory actions taken against WazirX.
Ownership of WazirX remains disputed. In September 2024, Binance issued a public statement denying it ever completed or operated an acquisition of WazirX, asserting the company was not under its control despite the initial contract signing. “WazirX’s attempts to shift responsibility” were dismissed as “disappointing deflection tactic,” according to Binance.
A first vote on the restructuring plan saw only 3.3% creditor participation. The latest voting session ran from July 30 to August 6 and will be verified by consulting firm Alvarez & Marsal. The next hearing is set for August 26, with RBI officials required to attend.
WazirX has not yet commented on the most recent court decisions. More information about the voting process can be found in this guide. The relevant court order is available here.
✅ Follow BITNEWSBOT on Telegram, Facebook, LinkedIn, X.com, and Google News for instant updates.
Previous Articles:
- Microsoft Unveils AI Agent ‘Project Ire’ for Autonomous Malware Detection
- Modi to Visit China for SCO Summit, De-Dollarization on Agenda
- Marex Adopts JP Morgan’s Kinexys for Instant Cross-Border Payments
- Bitcoin Slides Despite Dalio Boost as SEC Unveils Bold ‘Project Crypto’
- Bitcoin Signals Hidden Danger Zone at $105K Amid Volatile Markets
