Delhi Court Orders Zettai to Disclose Binance Deal in WazirX Hack Case

The Delhi High Court ordered Zettai Pte Ltd, WazirX's Singapore-based parent company, to file its Binance agreement and restructuring plan details within seven days. The order came after creditors filed petitions following WazirX's $235 million hack in July 2024.

Justice Sachin Datta instructed Zettai to disclose its Binance acquisition agreement and all related Singapore High Court proceedings by August 13. Creditors Sudhir Verma and Kunal Dhariwal filed the petitions seeking greater transparency in WazirX's handling of the cyberattack.

The court issued the directive after reviewing the creditors' legal petitions. Verma and Dhariwal claimed WazirX failed to provide sufficient disclosure about the hack. The court required Zettai to submit its Binance agreement copy and all Singapore High Court orders related to its restructuring scheme.

The Singapore High Court previously overturned an earlier rejection of WazirX's restructuring plan and ordered a revote. The revote concluded on August 6; participation figures have not been publicly disclosed, and the results are being independently verified by Alvarez & Marsal.

The restructuring outcome will determine how WazirX handles its debts and returns funds to affected users. Creditors also requested a Special Investigation Team with experts in financial fraud, economic offenses, and cybercrime. The team would have the authority to work with international partners to investigate the hack and any alleged misconduct.

The Delhi High Court summoned India's financial regulators to explain their crypto platform safeguards and actions taken against WazirX after the hack. The Reserve Bank of India and Securities and Exchange Board of India must outline their oversight methods and enforcement actions.

The next hearing is scheduled for August 26, with RBI officials required to appear. Legal observers say the case will influence how crypto exchanges manage governance and accountability in an industry operating largely outside formal regulatory frameworks.

WazirX launched in 2018 for peer-to-peer rupee-crypto trading and has since been downloaded over 10 million times. On July 18, 2024, hackers drained approximately $234.9 million from its hot wallet in an attack attributed to North Korean hackers from the Lazarus Group.

Binance announced its WazirX acquisition in November 2019, but has since denied completing the deal or taking control of the platform.