- Zettai has asked the Singapore High Court to reevaluate the rejected restructuring plan of WazirX, with a June 20 deadline for response.
- Users of the WazirX exchange are still waiting to be compensated almost one year following the ₹2,000 crore hack.
- WazirX is relocating to Panama under Zensui Corporation, and a repayment plan or resolution is yet to be verified.
Zettai, the parent company of embattled crypto exchange WazirX, has requested the Singapore High Court to reconsider its rejected restructuring plan. The application was registered on June 6 as case HC/SUM 940/2025, two days after the court rejected the initial scheme on June 4.
In a legal procedure in Singapore, the presiding judge has been given until June 20 to respond to an appeal by Zettai to be given further arguments. Should it be accepted, Zettai may submit new applications or re-enter the court. Otherwise, the company would have to resort to a longer and less certain process of appeal.
The deadline is important to the 4.4 million WazirX users who are yet to receive a settlement following the July 2024 hack, in which an estimated ₹2,000 crore was withdrawn from user funds. Almost one year down the line, there have been no repayments, and no enforceable restitution plan has been presented.
Leadership Silence Draws Frustration
As the legal proceedings drag on, users are becoming increasingly angry at the silence of WazirX co-founder Nischal Shetty. Shetty has made no public statement regarding the hack or the platform’s collapse since it happened. Conversely, his continued association with another crypto project, Shardeum, has been in plain sight.
Despite claims of separation, Shardeum continues to be listed in Shetty’s social media bios. The project received MiCA Whitepaper Acknowledgement recently, setting it up to expand to the European market. Meanwhile, WazirX is embroiled in legal paperwork and growing user controversies.
The absence of leadership communication has neither helped alleviate the crisis. According to users, they are not demanding guarantees; they want clarity and accountability. Rather, they have been given legal transcripts, edited emails, and silence.
Shift to Panama Raises More Questions
WazirX revealed in an email to users that it would move to Panama via a new subsidiary company, Zensui Corporation. The rebrand is also included in the overall plan of Zettai to resume operations with a new jurisdiction.
The email contains legal documents showing that Zensui will take over the duties of cryptocurrency services in the future. The move comes after a regulatory deadline set by the Central Bank of Singapore, wherein local crypto providers must cease serving foreign markets by June 30.
Although the Panama shift might provide a legal way out, it does not give much hope to the existing users who are yet to be compensated. The company has so far failed to introduce any compensation structure, making good its promises.
Zettai could be making the final attempt with its filing to keep WazirX restructuring hopes alive with only days to go before the court deadline. Otherwise, the case might vanish into the legal abyss of years-long uncertainty, further expanding the gap created by months of no action.
