Big bettors toss tough questions at WazirX amid legal tangles

economictimes.indiatimes.com:

Two of the largest corporate users, which had purchased cryptos worth millions of dollars on the WazirX platform, have questioned why they are described as contingent creditors of a Singapore company (named Zettai) in the court papers when their dealings have been with WazirX which is owned by an Indian entity (called Zanmai).

Most investors in India were unaware of Zettai before the cyberattack that drove the company to Singapore court to seek a moratorium. It emerged that Zettai is the parent of the Indian company Zanmai which launched the WazirX platform.

However, the two investors — Bitcipher Labs (which owns CoinSwitch, another crypto platform) and NextGenDev — have asserted that their «legal relationships are with Zanmai and not Zettai».

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The world of cryptocurrencies is very dynamic. Prices can go up or down in a matter of seconds. Thus, having reliable answers to such questions is crucial for investors.

In a letter to the Singapore court, CHP Law, a firm representing these investors, said, «Our clients are uncertain from their reading of NS1A (the first affidavit filed by WazirX founded Nischal Shetty) why Zettai SG considers them to be creditors of Zettai SG. Zettai SG has also not