In the months following the WazirX cyberattack and the collapse of its operational ties with Binance, many users began asking a pointed question: Who exactly is Zettai, and why does it control the platform’s crypto assets? At first glance, some critics painted Zettai as an unknown offshore entity. But a closer examination reveals that Zettai didn’t seize control — it stepped up when no one else would. With Binance withdrawing abruptly, Zettai’s intervention was not only lawful but arguably the only viable move to protect user assets from being lost or orphaned.
The Context: A Break with Binance
Until early 2023, Binance was publicly perceived as the operational backbone behind WazirX’s crypto-related services. The User Agreement itself identified Binance as the operator of wallet and trading services. However, starting in mid-2022, Binance began distancing itself from the platform, culminating in a complete service withdrawal by January-February 2023.
This abrupt exit left a significant operational vacuum. Without Binance continuing its services — and while also disavowing control over WazirX’s crypto assets — user funds were effectively stranded. It was in this precarious environment that Zettai stepped in.
Zettai’s Role: Taking Control ‘Under Protest’
According to the recent affidavit filed before the Singapore High Court, Zettai took control of the crypto assets (referred to as “Platform Tokens”) only “under protest.” The move was not a business takeover but a defensive action — an emergency measure to ensure that users weren’t abandoned during the Binance fallout.
In fact, the affidavit outlines how Zettai coordinated with its then-third-party digital wallet provider to take custody of the assets between January 30 and February 8, 2023. These assets were moved out of Binance-controlled wallets and placed under Zettai’s control through Liminal’s infrastructure. The transition was done transparently, and payments were made to Liminal for services rendered, indicating full operational responsibility.
Legally Justified Under Indian Law
Was Zettai allowed to do this? According to a foreign law opinion submitted by retired Indian Supreme Court Justice B.N. Srikrishna, the answer is yes. Justice Srikrishna opined that there is no prohibition under Indian law preventing a foreign company like Zettai from taking control of crypto assets under protest — especially when the move is in the interest of users, and no foul play is involved.
Moreover, Zettai did not act in secrecy. The FIU-IND was kept informed, and the Indian entity, Zanmai Labs, continues to be registered with FIU-IND for regulatory reporting purposes.
A Necessary Bridge to Recovery
In retrospect, Zettai’s action appears to be one of the few stabilizing moves during a highly unstable period. By preserving custody of the Platform Tokens, Zettai enabled the possibility of a structured recovery process — including the court-approved restructuring scheme now underway in Singapore.
While the Binance-WazirX relationship may still be a matter of legal interpretation, one fact is becoming clear: without Zettai stepping in when it did, users might have been left without any recourse or recovery path at all.
