The Delhi High Court has ordered Zettai Pte Ltd, the company behind crypto exchange WazirX, to hand over documents detailing its agreement with Binance, as well as its ongoing restructuring plan.
The court gave a deadline of one week. This comes after months of fallout from a $235 million hack and a growing number of lawsuits from creditors trying to recover lost funds.
Creditors Demand Answers After Major Breach
The pressure to come clean has been building since the 2024 security breach that left users reeling. Creditors have argued that without clear information about who owns what and how the company plans to move forward, there’s no way to properly assess how users might get their money back. The court’s ruling signals a turning point, forcing the company to show its hand.
🇮🇳Delhi High Court Orders WazirX to Disclose Binance Agreement, Restructuring Plan pic.twitter.com/6GnbRTCmv0
— BITCOIN EXPERT INDIA (@Btcexpertindia) August 6, 2025
Singapore Greenlights Revote on Recovery Plan
This court order follows a separate decision in Singapore, where the High Court there approved a revote on WazirX’s proposed restructuring plan. The original plan had been rejected, but after revisiting creditor concerns, a revised version was put up for another vote. That process ran from July 30 to August 6, with expanded creditor participation.
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Call for Deeper Investigation Into the Hack
Some creditors are asking for more than just disclosure. They want an independent investigation, led by financial and cybercrime specialists, to look into how the hack happened and whether any internal failures played a role. There’s also a push for international regulators to get involved to trace the movement of stolen assets and hold relevant parties accountable.
The court didn’t stop at Zettai. It also directed Indian regulators, including the Reserve Bank of India and the Securities and Exchange Board of India, to clarify whether they’ve taken any action against WazirX. The move highlights the lack of regulatory clarity that continues to plague the crypto space, especially when large sums and cross-border ties are involved.
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Binance Connection Still Clouded in Uncertainty
The elephant in the room remains Binance. Despite WazirX being closely associated with the global exchange for years, Binance has publicly denied owning or controlling it. Now, with the court asking for the actual terms of their agreement, we may finally get a clearer picture of what that relationship really looks like.
User advocates welcomed the court’s ruling, saying it’s about time someone demanded transparency. When millions go missing and no one takes responsibility, public trust erodes fast. This case is being closely watched by legal experts and regulators, who see it as part of a larger pattern of holding crypto platforms accountable.
The court will meet again on August 26 to review progress. By then, regulators are expected to submit their responses, and results from the restructuring vote should be in. All eyes will be on how WazirX plans to resolve its obligations and rebuild trust after a high-profile collapse.
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Key Takeaways
- Delhi High Court orders WazirX to submit Binance deal documents within a week, escalating legal pressure on the exchange.
- The ruling follows creditor frustration after a $235M hack and a lack of clarity around ownership, restructuring, and user fund recovery.
- Singapore’s High Court approved a revote on WazirX’s restructuring plan after creditor objections to the original proposal.
- Creditors are calling for an independent investigation into the hack, including potential internal failures and global asset tracing.
- India’s regulators have been asked to report their actions against WazirX, as the court pushes for accountability and transparency.
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