On August 5, 2025, Justice Sachin Datta of the Delhi High Court ordered Zettai Pte Ltd—the Singapore-based parent company of WazirX—to file its agreement with Binance and disclose all relevant documents related to its restructuring plan within one week. This is in response to creditors’ demands for clarity following the July 2024 hack, which resulted in $235 million in losses.
Why It Matters
- The ruling directly addresses the long-standing ownership ambiguity between WazirX and Binance—Binance has publicly denied ever acquiring, controlling, or operating WazirX, despite earlier announcements suggesting otherwise.
- It comes amid growing pressure from creditors, led by Sudhir Verma and Kunal Dhariwal, who are demanding transparency about WazirX’s handling of the hack’s aftermath.
- The court also involved Indian regulators—RBI and SEBI—ordering them to explain their oversight actions regarding WazirX.
Context & Background
- WazirX suffered a major cyberattack in July 2024, stealing approximately $235 million worth of user assets. The aftermath triggered scrutiny of its ownership and restructuring plans.
- In Singapore, Zettai’s restructuring proposal was initially rejected, then reinstated after a revote overseen by Kroll and independently verified by Alvarez & Marsal.
- The court’s order is part of ongoing legal proceedings, including a pending hearing scheduled for August 26, where Zettai must appear along with RBI officials.
Summary Table
| Key Issue | Details |
|---|---|
| Court Directive | Produce Binance agreement and restructuring documents within one week |
| Parties Involved | Zettai (WazirX’s parent), Binance, RBI, SEBI, creditors |
| Background | $235M hack in July 2024 and opacity around ownership & recovery process |
| Broader Impact | Qatar scrutiny, potential SIT, regulators held to account |
