Singapore’s Supreme Court has exposed a disturbing web of lies involving the crypto exchange WazirX, its partner Zettai, and a hidden player, Zensui, based in Panama. The court found that these companies misled users, broke important rules, and hid the real control of the business.
This comes after WazirX faced a $235 million hack last year, making things even harder for its users.
The case took a major turn when the court declared a recent user vote conducted by WazirX as invalid. Judge Tan stated that users were misled, as key information was intentionally kept from them.
The vote, which appeared democratic on the surface, turned out to be a carefully planned act that denied users the opportunity to make a truly informed decision.
Judge Tan noted that, without the court’s intervention, thousands of users would have been misled, with WazirX escaping accountability.
The court went further, declaring Zettai’s operations illegal in Singapore, as the company lacked a Digital Token Service Provider (DTSP) license and had no plans to apply for one.
Shockingly, Zettai’s legal team admitted in court that they never intended to apply for the required DTSP license. This isn’t a case of ignorance—it’s an intended violation of local laws.
Adding to the controversy, it was revealed that the real control behind the scenes wasn’t Zettai, but Zensui, a Panama-based entity. This fact was deliberately hidden from users and regulators alike.
The court criticized the year-long delay and legal drama as a waste of public resources, all to maintain a false narrative.
The court also highlighted WazirX’s refusal to register with India’s Financial Intelligence Unit (FIU), further exposing a pattern of avoiding regulations in multiple countries.
With the restructuring plan rejected, WazirX’s future is uncertain. The company has announced plans to appeal but has also begun shifting operations to Panama under the Zensui brand. For millions of users, the hope of recovering lost funds is now even more distant.
WazirX is facing legal challenges in Singapore for misleading users and operating illegally, following a $235 million hack. Its restructuring plan was rejected
WazirX’s ability to resume trading is uncertain as its restructuring plan was rejected. They plan to appeal and shift operations under Zensui in Panama.
With the restructuring plan rejected and operations shifting to Panama under Zensui, the prospect of recovering lost funds for WazirX users is now more distant.
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