High Court Rejects Initial Proposal – Zettai Gets Final Deadline
Singapore’s High Court has officially set June 20, 2025, as the deadline to respond to Zettai’s revised restructuring proposal for embattled crypto exchange WazirX. This comes after the initial plan was rejected on June 4, leaving the future of 4.4 million users and their frozen assets uncertain.
Zettai filed for further arguments under case HC/SUM 940/2025 on June 6, hoping to gain approval for a revised plan to regain court support.
₹2,000 Crore Hack Still Unresolved
The urgency stems from the July 18, 2024 hack, in which over ₹2,000 crore was drained from WazirX, locking users out of their funds. Since then, the platform has not initiated any refund process or recovered stolen assets, deepening user distrust.
If the court rejects the restructuring again, Zettai may face a lengthy appeal with no clear roadmap for recovery.
Nischal Shetty’s Silence Draws Criticism
Despite the scale of the crisis, WazirX co-founder Nischal Shetty has remained silent. He has not issued a public apology, and no official communication has been shared regarding the next steps for repayment or accountability.
User frustration is rising as 4.4 million account holders remain in limbo with no access to their funds.
Focus Shifts to Shardeum, Not WazirX
Shetty appears to have shifted his attention to Shardeum, a new Layer 1 blockchain project. Recently, the Shardeum Foundation announced MiCA whitepaper acknowledgment, which would allow operations in Europe—something Shetty promoted online.
Critics point out that while Shetty promotes new ventures, his X bio still references Shardeum, with no mention of WazirX accountability.
Awaiting the Court’s Final Verdict
So far, both of Zettai’s proposals have been rejected. The upcoming June 20 court decision is now the final opportunity for restructuring approval. If denied again, Zettai may initiate a complex appeal with uncertain outcomes.
Millions in user funds remain frozen, with no refund timeline or official plan in place.
Conclusion
As the deadline nears, the crypto community is closely watching how Singapore’s High Court rules. WazirX users are holding on to hope, but until legal clarity emerges, the platform remains non-functional and under deep scrutiny.