Singapore’s Excessive Court docket units June 20 deadline for Zettai’s revised WazirX restructuring proposal after rejecting earlier variations.
WazirX co-founder Nischal Shetty stays silent as 4.4M customers await solutions; focus shifts to his new blockchain enterprise, Shardeum.
Singapore’s Excessive Court docket has set June 20, 2025, because the deadline to reply to Zettai’s revised restructuring proposal for troubled crypto change WazirX. This comes after the courtroom rejected the unique proposal on June 4. In response, Zettai filed a proper request on June 6 beneath case HC/SUM 940/2025 in search of “additional arguments,” as confirmed by WazirX on X (previously Twitter).
📢 Replace on Proposed Scheme of Association
As we shared final week, the Singapore Court docket has declined Zettai’s utility in HC/SUM 940/2025 (“SUM 940”) for the Court docket’s sanction of Zettai’s proposed Scheme. Whereas we perceive this information might convey disappointment to our… pic.twitter.com/fvF5Skl002
— WazirX: India Ka Bitcoin Change (@WazirXIndia) June 13, 2025
Hope for 4.4 Million WazirX Customers?
If the Excessive Court docket accepts the restructuring plan, Zettai could also be required to file a brand new submission and attend additional hearings. The corporate has been beneath strain since WazirX’s hack on July 18, 2024, during which over ₹2,000 crore vanished, leaving 4.4 million customers in limbo with no entry to their funds.
Nonetheless, the delay in courtroom proceedings has left customers annoyed, and if the proposal isn’t authorized, Zettai’s solely possibility can be an extended and extra advanced enchantment course of.
Silence From WazirX Founder Nischal Shetty
All through the authorized proceedings, WazirX co-founder Nischal Shetty has remained noticeably silent. Whereas he has acknowledged the authorized case, he has not issued a public apology to affected customers nor shared any reimbursement plans.
Regardless of the continuing disaster, no refunds have been initiated, and no consumer funds have been recovered.
Shetty Focuses on Shardeum Regardless of WazirX Collapse
Amid WazirX’s ongoing troubles, Shetty seems to be specializing in Shardeum, his new Layer 1 blockchain enterprise. This week, Shardeum Basis introduced MiCA whitepaper acknowledgment, permitting operations in Europe—an achievement promoted by Shetty on social media.
Though Shetty has distanced himself from WazirX publicly, Shardeum continues to be talked about in his X bio, elevating questions on his true involvement in each ventures.
What’s Subsequent for WazirX?
Zettai has submitted two proposals thus far—each rejected by the Singapore Excessive Court docket. With June 20 approaching, the crypto neighborhood is anxiously awaiting the courtroom’s closing verdict. If rejected once more, Zettai is predicted to file an enchantment, however there isn’t a official roadmap for reimbursement or decision.
Ultimate Ideas
With tens of millions in consumer funds at stake, the crypto world can be watching intently as Singapore’s Excessive Court docket delivers its choice on June 20. For now, WazirX customers stay at midnight, holding onto hope for a good final result.
