The Singapore High Court has set a June 20 deadline for Zettai’s revised Wazirx restructuring proposal after rejecting the previous version.
Wazirx co-founder Nischal Shetty remains silent as 4.4 million users await answers. Focus shifts to his new blockchain venture, Shardeum.
The Singapore High Court was set for June 20, 2025. This was set as a deadline to accommodate a revised restructuring proposal for Zettai for the problematic crypto exchange Wazirx. This comes after the court rejected the original proposal on June 4th. In response, Zettai filed a formal request under case HC/Sum 940/2025 on June 6th, seeking “further discussion” confirmed by Wazirx of X (formerly Twitter).
show Updates on proposed deployment scheme
As we shared last week, the Singapore Court has rejected Zettai’s application at HC/Sum 940/2025 (“Sum 940”) due to court sanctions for the scheme proposed by Zettai. I understand that this news may cause us disappointment, but pic.twitter.com/fvf5skl002
– Wazirx: India Ka Bitcoin Exchange (@wazirxindia) June 13, 2025
Are you looking forward to 4.4 million Wazirx users?
If the High Court accepts the restructuring plan, Zettai may need to submit new submissions and attend further hearings. The company has been under pressure since the Wajirux hack on July 18, 2024, with over 2,000 crores gone, leaving 4.4 million users without access to funds.
However, delays in court proceedings make users frustrated and if the proposal is not approved, Zettai’s only option will be a longer and more complicated appeal process.
Silence from Wazirx founder Nischal Shetty
Throughout the legal process, Wazirx co-founder Nischal Shetty has remained remarkably silent. He has admitted to legal cases, but has not issued a public apology to affected users and has not shared a repayment plan.
Despite the ongoing crisis, no refunds have been launched and no user funds have been recovered.
Shetty focuses on Chardumu despite the fall of Wazirux
Amidst the ongoing troubles of Wazirx, Shetty appears to be focusing on his new Layer 1 blockchain venture, Shardeum. This week, the Shardeum Foundation released its acknowledgements for Mica Whitepaper, enabling its business in Europe. This is the result Shetty has promoted on social media.
Shetty has kept his public distance from Wazirux, but Chardumu is still mentioned in his X-Bio, raising doubts about his true involvement in both ventures.
What’s next for Wazirx?
Zettai has submitted two proposals so far. Both were rejected by the Singapore High Court. As June 20th approaches, the crypto community is waiting with concern for the final court 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 of user funds at risk, the crypto world is paying attention as Singapore’s High Court decides on June 20th. For now, Wazirx users remain in the dark and want a favorable result.