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Singapore’s High Court sets June 20 deadline for Zettai’s revised WazirX restructuring proposal after rejecting earlier versions.
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WazirX co-founder Nischal Shetty stays silent as 4.4M users await answers; focus shifts to his new blockchain venture, Shardeum.
Singapore’s High Court has set June 20, 2025, as the deadline to respond to Zettai’s revised restructuring proposal for troubled crypto exchange WazirX. This comes after the court rejected the original proposal on June 4. In response, Zettai filed a formal request on June 6 under case HC/SUM 940/2025 seeking “further arguments,” as confirmed by WazirX 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… pic.twitter.com/fvF5Skl002
— WazirX: India Ka Bitcoin Exchange (@WazirXIndia) June 13, 2025
Hope for 4.4 Million WazirX Users?
If the High Court accepts the restructuring plan, Zettai may be required to file a new submission and attend further hearings. The company has been under pressure since WazirX’s hack on July 18, 2024, in which over ₹2,000 crore vanished, leaving 4.4 million users in limbo with no access to their funds.
However, the delay in court proceedings has left users frustrated, and if the proposal is not approved, Zettai’s only option will be a longer and more complex appeal process.
Silence From WazirX Founder Nischal Shetty
Throughout the legal proceedings, WazirX co-founder Nischal Shetty has remained noticeably silent. While he has acknowledged the legal case, he has not issued a public apology to affected users nor shared any repayment plans.
Despite the ongoing crisis, no refunds have been initiated, and no user funds have been recovered.
Shetty Focuses on Shardeum Despite WazirX Collapse
Amid WazirX’s ongoing troubles, Shetty appears to be focusing on Shardeum, his new Layer 1 blockchain venture. This week, Shardeum Foundation announced MiCA whitepaper acknowledgment, allowing operations in Europe—an achievement promoted by Shetty on social media.
Although Shetty has distanced himself from WazirX publicly, Shardeum is still mentioned in his X bio, raising questions about his true involvement in both ventures.
What’s Next for WazirX?
Zettai has submitted two proposals so far—both rejected by the Singapore High Court. With June 20 approaching, the crypto community is anxiously awaiting the court’s final verdict. If rejected again, Zettai is expected to file an appeal, but there is 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, holding onto hope for a favorable outcome.
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