Core Viewpoint - The Bombay High Court has ruled in favor of CoinSwitch, allowing it to secure its stolen assets held on the WazirX platform, despite objections from WazirX operator Zanmai Labs [1][2]. Group 1: Legal Ruling - Justice Somasekhar Sundaresan upheld an arbitration tribunal's order requiring Zanmai Labs to provide bank guarantees of approximately $5.4 million (Rs 45.38 crores) to protect CoinSwitch's claims [2]. - The ruling comes after hackers stole $234 million worth of crypto from WazirX's multi-signature wallets on July 18, 2024, primarily targeting ERC-20 tokens [2][3]. - The court found that CoinSwitch's August 2022 Broker Agreement with Zanmai treated "WazirX as synonymous with Zanmai" and included provisions requiring WazirX to ensure uninterrupted performance despite cyberattacks [4]. Group 2: Financial Implications - Approximately $9.7 million of CoinSwitch funds were frozen on WazirX, and the judgment protects CoinSwitch's ability to recover its assets, preventing it from accepting a loss alongside other creditors [3]. - The tribunal applied a 45% haircut only to CoinSwitch's ERC-20 token holdings, while protecting the exchange's other assets from Zettai's proposed "socialization" scheme [5]. Group 3: Legal Significance - The judgment reiterates the Wander v. Antox standard, indicating that appellate courts will not disturb interim discretion unless it is deemed 'perverse or implausible' [6].