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14. The contention of Zanmai is that Binance had "acquired" the WazirX Platform in 2019 which led to the tripartite contractual October 7, 2025 Ashwini Vallakati OJ-5, 6 & 7-CPCD-18-2025+.doc arrangement under the User Agreement. In August 2022, Binance is said to have started publicly distancing itself from WazirX Platform. Therefore, control over WazirX Platform which had been handed over to Binance in 2019 was diluted, and Binance publicly announced a decision (or rather an ultimatum) to cease its connection with the WazirX Platform by February 3, 2023. Therefore, it is stated by Zanmai that under protest, Zettai that took over the operations that were until then being handled by Binance. In respect of digital asset management service, in view of the absence of Binance, it is stated by Zanmai that an arrangement was entered into with Liminal and it was Liminal that would provide the management services including security features, that had until then been provided by Binance.

26. The Learned Arbitral Tribunal has dealt with this contention squarely by noting from the record that according to Zanmai, Binance had started disassociating itself from the WazirX Platform in August 2022. It is on August 18, 2022 that Zanmai and Bitcipher entered into the Broker Agreement, contracted to take effect from July 1, 2022. It is also an admitted position that Binance completely abandoned WazirX Platform in February 2023, and that too through social media posts, disclaiming responsibility for virtual digital assets stored on the WazirX Platform, which would have no association with Binance.

31. The Learned Arbitral Tribunal has noted that Zanmai does not have an absolute liability but has a liability attributable to a reasonable duty of care. However, that does not mean the Learned Arbitral Tribunal has to necessarily hold that users and brokers registered on the WazirX Platform would be bound by a socialisation proposal initiated by a party outside the contractual framework among October 7, 2025 Ashwini Vallakati OJ-5, 6 & 7-CPCD-18-2025+.doc them, to impact the contractual relationship between the parties. The very role of Zettai and the scope of its entry, which is based on the dissociation of Binance, is shrouded in mystery. A careful examination of the record would indicate that what the "acquisition" by Binance in 2019 was and what the terms of disengagement were in 2022 is unclear. In fact, Mr. Nischal Shetty, in his affidavit in the Singapore Court when propounding the scheme of arrangement that forms basis of the "socialisation" theory has firmly stated that he would not disclose the nature of the disputes with Binance for reasons of "confidentiality". This presents a high degree of ambiguity at a foundational level, and the Learned Arbitral Tribunal cannot be faulted for perceiving vulnerability for Bitcipher and Nextgendev.

33. Towards this end, taking the total value of the assets held by the Bitcipher and Nextgendev on the WazirX Platform, a 45% haircut has been applied to the percentage component of ERC-20 held in such portfolio of asset. The Learned Arbitral Tribunal has modified and moulded the relief to reduce the scope of the security to be provided by Zanmai to Bitcipher and Nextgendev.

34. Prima facie, what is apparent is that the WazirX Platform is a platform offered by Zanmai and its parent Zettai (holding 100% and also represented by the same Mr. Nishchal Shetty in proceedings in both jurisdictions) and was providing services to users in India. Those users who are brokers executed the Broker Agreement such as the one executed by Bitcipher. The Broker Agreement entails brokers such as Bitcipher providing access to the WazirX Platform to enable their clients to trade in a number of digital assets, which would be in the nature of a permitted listing. Therefore, while there were indeed two denominations for assets that could be transacted, one being the Indian Rupee stream and the other being the virtual digital asset stream, the cyber-attack led to theft of one of the many tokens traded. The services October 7, 2025 Ashwini Vallakati OJ-5, 6 & 7-CPCD-18-2025+.doc that were meant to be provided in connection with the management of crypto asset was indeed indicated as Binance but what precisely was a nature of Binance's role in the WazirX Platform whether it was truly an owner or a brand associate is unclear. It is Zanmai's expectation that the Singapore Court would allow Zettai a haircut to be effected to those affected by the cyber-attack after Zettai took over services under Clause 5 of the User Agreement from Binance, can be translated into implications for Indian users on the WazirX Platform. Thereby, Zanmai was hopeful of placing restrictions across all assets held by all users on the WazirX Platform in India. The Learned Arbitral Tribunal finding this untenable and yet adjusting for 45% of the assets held in the form ERC-20 by the users, cannot be regarded as a perverse interlocutory prima facie finding. Indeed, the view that Bitcipher must be secured for its claim to its own assets, which were only stored on the WazirX Platform cannot be regarded as perverse or patently illegal, warranting any interference under Section 37 of the Act.