An unsecured creditor, in this case, holds unsecured claims for the value of their token balances and does not have a claim over any specific tokens.
The Platform’s terms of use set out the legal basis of each user’s unsecured claim associated with their account balances on the Platform. A user can make deposits and conduct trades and would have a claim for the account balances on the Platform. In the event the Platform’s users make withdrawal requests in accordance with the Platform’s terms of use, Zettai would be liable to transfer those sums to the users (if Zettai is found to own the Platform together with its funds). With this in mind, the users are contingent creditors of Zettai.
In other words, there is no special arrangement between general users of the Platform and the Platform in that the Platform holds any specific tokens deposited with the Platform on trust for the general users, and thus, no proprietary claim (i.e., a claim for specific identifiable property) arises. On the other hand, the Platform had accepted deposits of cryptocurrency tokens from various Indian law enforcement agencies (“LEAs”) under a special arrangement where the Platform would hold these tokens on trust for the LEAs, and thus these LEAs have proprietary claims in respect of such token deposits.