Delhi Court Orders WazirX to Disclose Agreement with Binance and Restructuring Plan

The Supreme Court #Delhi has ordered Zettai Pte Ltd - the company that owns the crypto exchange WazirX in Singapore - to disclose details of its agreement with Binance and the restructuring plan within a week. This decision comes after WazirX faced pressure from creditors following a $235 million hack last year.

Complex Relationship and Demand for Transparency

Creditors of #WazirX have filed a lawsuit in court, demanding clarification on the hack and how the company handled it afterward. The court's decision has prompted clarity on WazirX's complex ownership structure, especially after Binance publicly denied completing the acquisition of this exchange in September 2024. Binance claims that WazirX is attempting to "shift blame" and asserts that they have never owned or operated this platform. #Hacker

Request to Establish Special Investigation Team

Creditors are also seeking to establish a Special Investigation Team (SIT) consisting of experts from various agencies to investigate the cyber attack. According to representing lawyers, the court's move reflects the recognition of the right to information and the ownership rights of users over digital assets. The involvement of regulatory bodies like the Reserve Bank of India (RBI) also brings hope for a tighter legal framework to protect users in the future.