ChainCatcher news, Nischal Shetty, founder of India’s largest cryptocurrency exchange WazirX, confirms that the long-standing ownership dispute with Binance has entered the formal litigation stage. The dispute dates back to 2019 when Binance announced its acquisition of WazirX, but the two sides have since publicly ‘clashed’ multiple times over control and operational rights. Shetty states that it is now a case of ‘each sticking to their own story,’ and the outcome of the litigation is crucial. Additionally, Shetty also responded to the dispute with the custody provider Liminal. WazirX had attributed part of the responsibility for the 2024 hacking incident (losses exceeding $230 million) to its multi-signature custody infrastructure, but Liminal publicly refuted this and released data to question the claim.
