Zettai PTE Ltd (“Zettai”) is a company registered on 7 January 2019 under the laws of Singapore. In November 2019, Zettai delivered control of all cryptocurrency wallets and crypto tokens to Binance. Ownership and control over the Platform were also transferred to Binance. However, after Binance publicly announced its decision to cease providing services to the Platform, which would severely and negatively impact our creditors, Zettai was forced to receive the transfer of the crypto balances from Binance under protest. Further, the same is reflected in the Platform’s Terms of Use / User Agreement which provides that the crypto operations are owned and serviced by Binance. Zanmai Labs, our Indian entity, manages and looks after the INR component on WazirX and does not have any role in the crypto operations. Since the hack has resulted in the theft and loss of crypto tokens, Zettai is the entity that is directly affected, and therefore, the proceedings are being carried out in Singapore.
Why is the case being handled in Singapore, not India?
