CoinSwitch said it had about ₹81 crore (approximately ₹810 million, or $9.65 million) held on WazirX when it pursued legal action after WazirX reported a major cyberattack in July 2024. On 7 October 2025, the Bombay High Court rejected WazirX-associated Zanmai Labs’ challenge to interim security measures in the arbitration. That kept interim protection in place; it did not establish that CoinSwitch had been repaid or had won a final award.
How much did CoinSwitch say was stuck on WazirX?
CoinSwitch’s 2024 statement put its assets on WazirX at approximately ₹81 crore. It listed ₹12.4 crore in Indian rupees, ₹28.7 crore in ERC20 tokens, and ₹39.9 crore in other tokens. TechCrunch reported the total as about ₹810 million, or approximately $9.65 million. These are historical figures reported during the dispute, not a current balance or a recovery total. TechCrunch’s contemporaneous report and CoinSwitch’s update describe the amounts.
CoinSwitch characterized the assets as about 2% of its funds and said the attack affected less than 1% of its total funds because the affected assets were ERC20 tokens. It also said it used its treasury to maintain at least a 1:1 ratio for users’ crypto holdings and that its total assets were 1.51 times user assets. These coverage figures are CoinSwitch’s own representations; the cited sources do not independently verify them. CoinSwitch’s statement
Why did CoinSwitch take legal action?
WazirX reported a cyberattack in July 2024. TechCrunch reported that approximately $230 million in digital assets had been stolen, attributing the incident and figure to contemporaneous reporting and WazirX’s claim; that amount is not presented here as an independently audited loss total. TechCrunch’s report
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CoinSwitch said it had not been able to resolve the issue of recovering assets held on WazirX. In its corporate statement, it wrote: “We have attempted to be in regular touch with WazirX since the day of the incident but have not been able to reach a solution to recover the funds that are stuck on their platform.” CoinSwitch’s WazirX update
Which companies are involved in the court case?
The court record identifies Bitcipher Labs LLP as the entity operating under the CoinSwitch name and registered as a broker on WazirX. It identifies Zanmai Labs Private Limited as a company providing services connected with the WazirX platform and as a subsidiary of Singapore-incorporated Zettai Pte Ltd. The familiar exchange names are therefore shorthand: the proceedings concern the named legal entities. Bombay High Court judgment
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What did the Bombay High Court decide in October 2025?
On 7 October 2025, the Bombay High Court rejected Zanmai Labs’ challenge under Section 37 of India’s Arbitration and Conciliation Act, 1996, to interim arbitration measures requiring security for claims. The tribunal had directed Zanmai to secure specified sums through a bank guarantee or escrow to preserve the subject matter of the arbitration. The High Court’s decision maintained interim protection while the dispute continued; it did not decide the ultimate merits or show that CoinSwitch received payment. Court judgment; corroborating report
The judgment discusses interim security of approximately ₹45.38 crore for Bitcipher and ₹11.92 crore for Nextgendev Solutions, another CoinSwitch-associated claimant, as well as an additional ₹5 crore deposit. These are procedural security figures, not amounts established as finally awarded or paid. Bombay High Court judgment
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What the ruling does—and does not—mean for CoinSwitch users
The court’s order concerns security during arbitration, not a final determination that CoinSwitch is entitled to recover the full amount it reported holding on WazirX. The interim security amounts also should not be treated as the same thing as CoinSwitch’s historical exposure: they relate to claims in the proceedings and include a separate claimant.
The available court record and corroborating report do not establish a final arbitration award or actual recovery of the stranded funds. The ultimate outcome therefore remains unconfirmed in the cited sources.
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