News View Non-AMP

WazirX Users Take Legal Action Over Frozen Crypto Funds in Singapore

Published by
Rizwan Ansari

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.

The Big Problem: Frozen Assets

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.

The Hack That May Not Be a Hack

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.

Where the Court Fight Stands Now

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.

Will WazirX Return the Money?

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. 

FAQs

Why are WazirX users suing Zettai in Singapore?

Users allege Zettai wrongly froze their unhacked crypto and fiat, violating trust laws and withholding rightful assets.

Was the WazirX crypto hack real or internal fraud?

Blockchain data hints the hack used internal multisig wallets, casting doubt on claims of an external attack.

Will Zettai return frozen crypto to WazirX users?

Zettai promises repayment after plan approval, but users remain skeptical due to past secrecy and broken trust.

Rizwan Ansari

Rizwan is an experienced Crypto journalist with almost half a decade of experience covering everything related to the growing crypto industry — from price analysis to blockchain disruption. During this period, he’s authored more than 3,000 news articles for Coinpedia News.

Trust with CoinPedia:

CoinPedia has been delivering accurate and timely cryptocurrency and blockchain updates since 2017. All content is created by our expert panel of analysts and journalists, following strict Editorial Guidelines based on E-E-A-T (Experience, Expertise, Authoritativeness, Trustworthiness). Every article is fact-checked against reputable sources to ensure accuracy, transparency, and reliability. Our review policy guarantees unbiased evaluations when recommending exchanges, platforms, or tools. We strive to provide timely updates about everything crypto & blockchain, right from startups to industry majors.

Investment Disclaimer:

All opinions and insights shared represent the author's own views on current market conditions. Please do your own research before making investment decisions. Neither the writer nor the publication assumes responsibility for your financial choices.

Sponsored and Advertisements:

Sponsored content and affiliate links may appear on our site. Advertisements are marked clearly, and our editorial content remains entirely independent from our ad partners.

Recent Posts

Why is the Crypto Market Down Today?

The crypto market cap dropped by over 1% to hover around $3.9 trillion on Tuesday,…

October 29, 2025

SOL vs XRP: Western Union Opts for Solana Over XRPL to Build Its Stablecoin

The XRP community has lost a major opportunity to the Solana (SOL) ecosystem. On Tuesday,…

October 29, 2025

How High Can XRP Price Go After the FOMC Meeting Today?

The U.S. Federal Reserve will announce its latest interest rate decision at the FOMC meeting…

October 28, 2025

Big News: First Spot ETFs for Solana, Litecoin, and Hedera Go Live with $14.4M in First-Hour Volume

The first-ever spot exchange-traded funds (ETFs) for Solana (SOL), Litecoin (LTC), and Hedera (HBAR) have…

October 28, 2025

The “Banking Boom” Trigger: As Fed Cuts Loom, Digitap ($TAP) Is Forecast to Absorb Trillions, Targeting $18

The next major wave in finance might not come from banks. It may come from…

October 28, 2025

Official Trump Token Faces Tug-of-War Between Bulls and Bears— What’s Next for the Price?

After a sharp rally that sent the Official Trump (TRUMP) price token soaring in recent…

October 28, 2025