The Delhi High Court has ordered Zettai Pte Ltd, the Singapore-based owner of crypto exchange WazirX, to produce its acquisition agreement with Binance and disclose restructuring scheme details, as creditors push for transparency following a $235 million hack that happened last year.
Justice Sachin Datta issued the order on Tuesday, demanding Zettai file "a copy of its Agreement with 'Binance'" within one week, along with all Singapore High Court proceedings related to its restructuring scheme.
The directive comes as the exchange concluded a revote on its amended restructuring plan on Wednesday after the Singapore High Court set aside an earlier rejection and ordered a revote.
Binance and WazirX
The court intervention points to growing scrutiny over WazirX's complex ownership structure and efforts to recover from the July 2024 cyberattack that drained millions in user funds.
The ownership question remains contentious, with Binance publicly denying in September 2024 that it ever completed the acquisition of WazirX. Binance argued that WazirX’s "attempts to shift responsibility” were a “disappointing deflection tactic" and maintained that it never owned, controlled, or operated the platform despite signing an initial contract.
Creditors seek Special Investigation Team
WazirX creditors Sudhir Verma and Kunal Dhariwal filed the petition in October 2024, challenging the platform's handling of the hack and its aftermath.
In January, the Delhi High Court issued notice to over 10 respondents, including RBI, SEBI, and multiple government ministries, directing them to outline regulatory mechanisms for overseeing crypto platforms and actions taken against WazirX.
"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. "With the RBI now drawn into the conversation, there is renewed hope for a meaningful regulatory response to safeguard the industry."
The petition, represented by advocates Navodaya Singh Rajpurohit, Rithik Dhariwal, and Dhawesh Pahuja, seeks the establishment of a Special Investigation Team to probe the cyberattack.
"It should comprise members from various regulators and agencies with expertise in financial fraud, economic offenses, and cybercrime, with authority to collaborate with foreign counterparts," Rajpurohit, legal partner at Web3 consulting firm Coinque Consulting, told Decrypt.
Lead petitioner Verma told Decrypt that "any malfeasance uncovered will be addressed firmly."
The restructuring saga has been tumultuous, with Singapore's High Court initially rejecting Zettai's scheme on June 4, before reversing course in July and ordering a revote on an amended version.
Only 3.3% of total creditors participated in the first vote, and the latest voting period ran from July 30 to August 6, with results to be independently verified by consulting firm Alvarez & Marsal.
The next hearing is scheduled for August 26, with RBI officials directed to remain present.
Decrypt has approached WazirX for comment.
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