The Bombay High Court has ruled in favor of CoinSwitch regarding a significant crypto theft case. Following a massive hack in July 2024, where $234 million was stolen, the court has allowed CoinSwitch to reclaim its stolen assets from the WazirX platform.
The court dismissed objections from Zanmai Labs, the operator of WazirX. Zanmai Labs had challenged an arbitration order that required them to provide bank guarantees. These guarantees are meant to protect the claims of investors affected by the hack.
This ruling supports CoinSwitch’s claim over its crypto assets kept on WazirX. It also reinforces protections for users impacted by this cyberattack.
