The battle over frozen crypto is heating up inside a Singapore courtroom, where WazirX users are demanding answers and their money back. In the High Court, frustrated users are standing up to Zettai, WazirX’s Singapore entity, claiming their unhacked Bitcoin, XRP, TRX, BNB, USDT, and even fiat balances have been wrongly frozen by Zettai, WazirX’s Singapore company.
Now, an affidavit by Romy Johnson may become a big turning point for crypto rights.
At the center of this fight is how Zettai grouped all user assets. According to Romy Johnson’s 40-page affidavit, these are: unhacked coins (Category A), fiat-like INR (Category B), and the hacked ETH/ERC-20 tokens (Category C).
But under Singapore’s law, only real debts can be restructured, not user-owned assets held in trust. Users say Zettai crossed the line by using everyone’s coins to push a plan that doesn’t protect innocent holders.
Things get more confusing because the so-called hack might not even be real. Blockchain records show something odd: the stolen coins were moved using internal multisig wallets that needed multiple approvals.
No clear sign of an outside attack has been shown so far. Therefore, this kills Zettai’s excuse that it was an outside hack.
Meanwhile, users are now calling out Zettai for hiding key details. They want the names of people who approved these transfers. They also want an audit to check where all the coins went and who should be held responsible.
Singapore’s High Court already rejected Zettai’s first scheme because it hid links to an offshore shell company. Now, Romy Johnson’s affidavit shows this is not just about one exchange. He cites major court cases proving that crypto held in trust belongs to the users, even during bankruptcy.
However, the next hearing in WazirX’s ongoing case has now been rescheduled for July 15, 2025.
At the heart of it, this is about protecting user funds. Meanwhile, Zettai claims it will repay users once the new plan is approved. But trust is low. Angry users point out that promises don’t pay bills.
Users allege Zettai wrongly froze their unhacked crypto and fiat, violating trust laws and withholding rightful assets.
Blockchain data hints the hack used internal multisig wallets, casting doubt on claims of an external attack.
Zettai promises repayment after plan approval, but users remain skeptical due to past secrecy and broken trust.
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