Bombay HC Quashes Zanmai Labs’ Appeal

The HC upheld the arbitration tribunal’s order, which also directed Zanmai Labs to provide bank guarantees to the tune of INR 45.38 Cr to CoinSwitch

Bitcipher had challenged Zanmai’s move to freeze its assets, arguing that their agreements did not authorise WazirX to undertake a “socialise” losses across all users

At the time of restrictions, CoinSwitch’s parent entity Bitcipher had crypto assets worth INR 59.34 Cr (as per value on August 27, 2024) on WazirX

The…