In a significant development for thousands of impacted users, the Singapore High Court has reversed its earlier decision and ordered for a revote on WazirX’s restructuring scheme with amendments in it—paving the way for a potential reopening of the exchange within weeks. The platform, which suffered a massive $234 million cyberattack in July 2024, has been working behind the scenes to restart operations and return funds to users as soon as possible.
At the heart of the recent hearing on July 16 was Zettai Pte Ltd, the Singapore-entity overseeing WazirX’s restructuring and first distributions. Zettai presented a revised plan that directly addressed the regulatory hurdles previously raised by the court, especially around its earlier partnership with Panama-based entity, Zensui. The restructured scheme replaces Zensui’s involvement entirely, shifting all operational responsibilities—trading, custody, and user access—back to Zanmai Labs, the India-registered entity originally behind WazirX.
Notedly, WazirX’s team did not request a revote. In fact, the platform had already secured overwhelming support during the first round of voting: over 93% of users by headcount and more than 94% by total value voted in favor of the recovery plan. Instead, it was the court that insisted on a second vote after raising concerns tied to Singapore’s Financial Services and Markets Act (FSMA).
According to sources, “From the beginning, WazirX’s goal has been clear—to get users their funds back as quickly as possible. The company even requested the court to proceed without another round of voting, given the prior mandate. But the court ultimately decided that a revote was necessary to take things ahead.”
Following a recent clarification from the Monetary Authority of Singapore (MAS), the court now agrees that as long as digital asset distributions occur outside Singapore, Zettai is not in breach of FSMA guidelines. This regulatory nod proved to be the turning point.
The judge also confirmed that all material issues flagged in the original scheme had been resolved in the revised version. As a result, the court approved an accelerated timeline for the revote—potentially clearing the way for WazirX to restart services and begin reimbursements within a matter of weeks.
Nischal Shetty, co-founder of WazirX, emphasized this intent in his July 4 affidavit, stating that the updated structure enables WazirX to resume “full operations” and that any future profits would be fairly shared with affected users.
While the court-mandated revote introduces a short procedural delay, WazirX remains optimistic. The exchange has consistently maintained that users deserve not only full transparency, but swift access to their rightful assets.
For now, the countdown to recovery begins again—this time, with legal clearance, operational clarity, and the platform’s original mission intact: putting users first.
