Singapore’s High Court has set June 20, 2025, as the deadline to respond to Zettai’s revised restructuring proposal for troubled crypto exchange WazirX. This comes after the court rejected the original proposal on June 4. In response, Zettai filed a formal request on June 6 under case HC/SUM 940/2025 seeking “further arguments,” as confirmed by WazirX on X (formerly Twitter).
If the High Court accepts the restructuring plan, Zettai may be required to file a new submission and attend further hearings. The company has been under pressure since WazirX’s hack on July 18, 2024, in which over ₹2,000 crore vanished, leaving 4.4 million users in limbo with no access to their funds.
However, the delay in court proceedings has left users frustrated, and if the proposal is not approved, Zettai’s only option will be a longer and more complex appeal process.
Throughout the legal proceedings, WazirX co-founder Nischal Shetty has remained noticeably silent. While he has acknowledged the legal case, he has not issued a public apology to affected users nor shared any repayment plans.
Despite the ongoing crisis, no refunds have been initiated, and no user funds have been recovered.
Amid WazirX’s ongoing troubles, Shetty appears to be focusing on Shardeum, his new Layer 1 blockchain venture. This week, Shardeum Foundation announced MiCA whitepaper acknowledgment, allowing operations in Europe—an achievement promoted by Shetty on social media.
Although Shetty has distanced himself from WazirX publicly, Shardeum is still mentioned in his X bio, raising questions about his true involvement in both ventures.
Zettai has submitted two proposals so far—both rejected by the Singapore High Court. With June 20 approaching, the crypto community is anxiously awaiting the court’s final verdict. If rejected again, Zettai is expected to file an appeal, but there is no official roadmap for repayment or resolution.
With millions in user funds at stake, the crypto world will be watching closely as Singapore’s High Court delivers its decision on June 20. For now, WazirX users remain in the dark, holding onto hope for a favorable outcome.
WazirX suffered a major hack on July 18, 2024, resulting in the loss of over ₹2,000 crore (approx. $235 million) in user funds, leading to a halt in its operations and ongoing restructuring efforts.
WazirX halted operations after the hack. While there were plans for a relaunch in Q2 2025 and withdrawal functionality restored by mid-April 2025, the recent rejection of their restructuring plan by the Singapore High Court adds uncertainty to the exact timeline for resuming full trading.
The WazirX hack in July 2024, which led to the loss of over $230 million, has been attributed to the North Korea-based Lazarus Group by WazirX and a joint statement from the U.S., Japan, and South Korea.
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