Amid growing questions over WazirX’s ownership and handling of its $235 million hack, the Delhi High Court has ordered the exchange’s operator, Zettai Pte Ltd, to submit its agreement with Binance and disclose full details of its restructuring plan.
The order was passed by Justice Sachin Datta on August 5, 2025, asking the Singapore-based company to file a copy of its agreement with Binance within one week. The court also demanded that Zettai submit all relevant documents from proceedings before the Singapore High Court related to its restructuring scheme.
The directive comes shortly after the exchange concluded a revote on its amended restructuring plan, following an earlier rejection that was later set aside by the Singapore High Court. Creditors have questioned the lack of transparency around WazirX’s restructuring and are still waiting for clear answers on its ownership and recovery plan.
At the center of it all is Zettai’s link with Binance, a deal that’s sparked confusion for years. Binance signed an initial agreement to acquire WazirX in 2019 but later distanced itself, claiming the deal was never completed. In fact, by September 2024, Binance clearly stated that it doesn’t own or control WazirX and called the Indian exchange’s attempt to shift blame after the hack “a disappointing deflection tactic.”
This ownership mess, along with the lack of clarity around WazirX’s restructuring, has only made things worse for Zettai. In October 2024, two WazirX creditors, Sudhir Verma and Kunal Dhariwal, took the matter to court, asking for accountability over how the $235 million hack was handled and everything that followed. They also pushed for a Special Investigation Team to properly investigate the whole thing.
Their petition prompted the Delhi High Court in January to send notices to over 10 parties, including RBI, SEBI, and several government departments, asking them to explain what steps they’ve taken to regulate crypto and what action they’ve taken against WazirX.
The petitioners’ lawyers are pushing for an SIT (Special Investigation Team) made up of experts in cybercrime, financial fraud, and international cooperation, so the investigation actually gets to the bottom of things.
This latest order from the court is now being seen as a move in the right direction, towards more transparency in India’s crypto industry, and possibly a wake-up call for tighter regulation after one of the space’s biggest hacks.
Also Read: Is a Key Signature Still Holding Back WazirX’s Recovery Plan?
