After a year of turmoil, the tides may finally be turning for WazirX and its users. On July 16, 2025, the Singapore High Court reversed its earlier decision and gave Zettai—the Singapore-registered entity linked to WazirX—the official go-ahead to conduct a revote on an amended restructuring scheme.
This could be the breakthrough moment that thousands of users—still awaiting reimbursements from the July 2024 $234 million cyberattack —have been waiting for.
So, What Just Happened?
The Singapore Court has:
Set aside its earlier ruling (dated June 4, 2025) that rejected WazirX’s original restructuring plan.
Allowed Zettai to submit a revised scheme and hold a new vote with creditors.
Extended Zettai’s moratorium, protecting it from further legal actions while the process unfolds.
In simple terms:
The court has said, “Okay, your new plan looks better. Share this with your creditors, and with their approval, you’ll be all set to move forward.”
Why Was the First Plan Rejected?
Back in June, the High Court had turned down Zettai’s original proposal due to regulatory concerns—especially around the Financial Services and Markets Act (FSMA).
The issue?
A Panama-based entity called Zensui was originally slated to operate the revamped platform, raising fears that unlicensed digital token services might be taking place within Singapore—something strictly regulated under FSMA.
Even though over 93% of creditors by headcount and 94.6% by value had voted in favor of the plan, the legal uncertainty made the court say no.
How Did Zettai Fix It?
Zettai didn’t give up. Instead, it:
Addressed regulatory objections head-on.
Is ready to transfer all core operations—including trading, support, and withdrawals—to India-based Zanmai Labs.
Confirmed in court via an affidavit (submitted July 4) that the new structure fully complies with FSMA.
This change was a game-changer. After deciding to shift operations to Zanmai Labs in India, Zettai effectively removed international regulatories from the operational chain—thereby avoiding regulatory violations.
MAS Also Weighed In
The Monetary Authority of Singapore (MAS), clarified its stance:
As long as token distributions are carried out outside Singapore, Zettai is not breaching FSMA.
This official clarification tipped the scales in Zettai’s favor. With the new operational structure and MAS’s green light, the High Court acknowledged that the revised plan was legally sound and ready to be put to vote.
What’s Next?
Zettai will now conduct a fast-tracked creditor revote on the new scheme. If it passes again (as it did earlier), here’s what happens next:
-WazirX resumes full operations
-User fund distributions begin immediately
-All platform control officially moves to Zanmai Labs (India)
The timeline could move quickly. Users might start getting their funds back within weeks—something unthinkable even a few months ago.
What’s In It for Users?
The revised scheme isn’t just about rebooting the platform—it’s about making users whole. Key highlights include:
Reimbursement of 85% of NLPA, and
A fully operational, India-run platform with compliance baked in
Zettai co-founder Nischal Shetty confirmed that the goal has always been a full operational comeback, not just a token repayment. The new scheme could help deliver exactly that.
Why You Should Vote YES on the Amended Scheme
If you’re a WazirX user, this vote is your chance to finally move forward.
Here’s why a YES vote makes sense:
- Get Your Money Back Faster A YES vote means WazirX can restart operations and begin repaying users within 10 business days.
- The Plan is Now Legal & Approved The Singapore High Court and financial regulator (MAS) have reviewed and approved the amended Scheme. It’s fully legal, safe, and ready to go.
- Your Crypto Will Be Handled in India All operations will shift to Zanmai Labs in India—no more confusion with offshore companies. This adds clarity, control, and accountability for users.
- More Than Refunds—There’s Future Earning Too You get back 85% of the NLPA. Plus, a share of future profits that the company has plans to start.
Final Thoughts
For all the WazirX users affected by the 2024 cyberattack, the past year has been long and painful. Paused trading, legal delays, regulatory uncertainty—it’s been a test of endurance.
But now, a real resolution feels within reach.
If the upcoming vote passes, WazirX won’t just resume business—it will do so with a legally compliant, user-first approach backed by both court and regulatory support.
This isn’t just a court nod—it’s a reward for being persistent, transparent and owning the TRUTH!
TL;DR
The Singapore High Court has allowed WazirX’s Singapore entity, Zettai, to hold a revote on an amended restructuring scheme. This could allow WazirX to resume operations and begin repaying users within weeks. With MAS satisfied and India’s Zanmai Labs taking over platform control, the legal and regulatory pathway is now clear.
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