WazirX’s Cryptic Fate: A Dostoevskian Drama in Singapore Courts

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Amidst the labyrinthine corridors of Singapore’s High Court, a tale of intrigue, betrayal, and the elusive pursuit of justice unfolds. The court, in its infinite wisdom, has decreed that by June 20, 2025, the fate of WazirX, a once-thriving crypto exchange now marred by scandal, shall be decided. This comes after the court’s rejection of Zettai’s initial restructuring proposal on June 4, a move that sent ripples of despair through the crypto community. In a desperate bid to salvage what remains, Zettai filed a formal request on June 6, under case HC/SUM 940/2025, seeking “further arguments,” as WazirX confirmed on X (formerly Twitter).

Update on Proposed Scheme of Arrangement

As we shared last week, the Singapore Court has declined Zettai’s application in HC/SUM 940/2025 (“SUM 940”) for the Court’s sanction of Zettai’s proposed Scheme. While we understand this news may bring disappointment to our…

— WazirX: India Ka Bitcoin Exchange (@WazirXIndia) June 13, 2025

Hope for 4.4 Million WazirX Users?

If the High Court deigns to accept the restructuring plan, Zettai may be required to file a new submission and attend further hearings. The company has been under a cloud of suspicion and scrutiny since WazirX’s catastrophic hack on July 18, 2024, where over ₹2,000 crore vanished into the ether, leaving 4.4 million users in a state of financial purgatory, their funds locked in a digital limbo.

However, the interminable delay in court proceedings has left users in a state of profound frustration. Should the proposal be rejected once more, Zettai’s only recourse will be a longer and more convoluted appeal process, a prospect that fills many with dread. 🙄

Silence From WazirX Founder Nischal Shetty

Throughout this legal saga, WazirX co-founder Nischal Shetty has maintained a conspicuous silence, a silence that speaks volumes. While he has acknowledged the legal proceedings, he has yet to offer a public apology to the affected users or outline any concrete repayment plans. One might wonder if his silence is a strategy or a sign of deeper troubles. 🤔

Despite the ongoing crisis, no refunds have been initiated, and no user funds have been recovered, leaving many to question the integrity and future of the exchange.

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Shetty Focuses on Shardeum Despite WazirX Collapse

Amid the turmoil at WazirX, Shetty appears to be diverting his attention to Shardeum, his new Layer 1 blockchain venture. This week, the Shardeum Foundation announced the MiCA whitepaper acknowledgment, a development that allows operations in Europe—an achievement Shetty has proudly touted on social media. 🎉

While Shetty has distanced himself from WazirX in public, his X bio still mentions Shardeum, raising eyebrows and questions about his true involvement in both ventures. Is this a strategic move, or a sign of his shifting priorities? 🤷‍♂️

What’s Next for WazirX?

Zettai has submitted two proposals thus far, both of which have been summarily rejected by the Singapore High Court. As June 20 looms, the crypto community watches with bated breath, awaiting the court’s final verdict. If the proposal is rejected again, Zettai is expected to file an appeal, but the path forward remains shrouded in uncertainty, with no official roadmap for repayment or resolution.

Final Thoughts

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, clinging to the faint hope of a favorable outcome. In this modern-day tragedy, one can only hope that justice will prevail, or at the very least, that the truth will be revealed. 🕵️‍♂️

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2025-06-13 13:08