It’s been exactly 11 months since WazirX was hacked on July 18, 2024. Rs 2,000 crore worth of crypto vanished overnight. 4.4 million users were left scrambling for answers. They waited for justice, they waited for transparency, but above all, they waited for a word, just a single word, from Nischal Shetty.
They got silence.
And now, from a courtroom thousands of miles away in Singapore, came the voice they never expected, but so desperately needed. Judicial Commissioner Kristy Tan didn’t just rule on a restructuring proposal.
She uncovered a rotten scheme, built on lies, fake governance, and hidden control. While Indian authorities fumbled and the WazirX leadership vanished, it was a Singaporean judge who finally exposed the truth.
The Vote Was a Lie. The Scheme Was a Façade.
WazirX and Zettai put forward what they called a “user vote”—a decision-making process on how the platform should proceed post-hack. But as per Judge Kristy Tan, it was all smoke and mirrors.
“Why weren’t putative scheme creditors informed of this plan so that they could make an informed vote?”
The scheme to restructure WazirX was dated March 12, 2025. Zensui, the secret entity operating behind Zettai, was incorporated just two days earlier. Users were never told. Even the Court wasn’t informed at a crucial hearing on May 13. What kind of ‘vote’ hides the most essential facts from the very people who are supposed to decide?
“If I not raised the questions I did yesterday,” Judge Tan stated, “would Zensui’s role have remained concealed from the Court and platform users? I strongly suspect so.”
This wasn’t incompetence, it was manipulation.
Zettai: Operating Illegally, With Full Knowledge
WazirX’s operational partner, Zettai, was declared illegal. The company had no Digital Token Service Provider (DTSP) license to run crypto services in Singapore. Shockingly, their counsel, R&T, admitted they never even intended to apply for one.
“The proposed scheme cannot be affected by Zettai without Zettai acting illegally if it does not obtain a DTSP license.”
Operating without a license in Singapore is a criminal offense. Zettai not only violated the law, they did so knowingly. This is not mismanagement; it’s willful defiance.
Zensui: The Hidden Panama Link
But the most damning detail? Zensui, the Panama-registered entity secretly pulling the strings.
For months, users were made to believe Zettai was in charge. In reality, the court discovered that Zensui had full operational control. This deliberate concealment was, in the judge’s words, an ‘abuse of judicial process.’
Why the lies? Why the delays? The answer is heartbreakingly clear now: to buy time and avoid accountability.
“If the scheme was sanctioned, would scheme creditors even know that despite the terms of the scheme, there was limited practical recourse against Zettai since operations had been transferred to Zensui?”
WazirX’s Blatant Non-Compliance in India Too
The betrayal didn’t stop at Singapore’s borders. Judge Tan also noted that WazirX has never registered with India’s Financial Intelligence Unit (FIU): a mandatory requirement for crypto exchanges.
So now what users have:
- No DTSP license in Singapore.
- No FIU-IND compliance in India.
- No transparency to users.
- No answers from the founder.
This is not a coincidence. This is a pattern.
Fake Townhalls. Fake Governance. Real Heartbreak.
Throughout 2024 and 2025, WazirX organized digital townhalls and conducted what they claimed were community votes. Victims clung to every update, hoping for a breakthrough. But now we know the truth: it was all theatre. A grand production to keep hope alive while the real story stayed buried.
The Singapore Court’s findings have left the Twitter community shattered. “We fought for months. And now we learn it was all fake?” wrote one user. Another said, “Kristy Tan did what no one else dared to do—she told us the truth.”
Where is Nischal Shetty?
While millions of users waited, Nischal Shetty disappeared. No statements. No townhalls. No apologies. Just silence.
For a year, users cried out. They wrote threads, contacted media, filed cases. But no response ever came from the man they once trusted.
Now, it’s a judge from another country who has finally broken the silence.
What Happens Next?
After the Judge rejected Zettai’s restructuring scheme on June 4, the company filed a formal request on June 6 seeking “further arguments” (case HC/SUM 940/2025). Under Singapore law, the same judge has until June 20 to decide whether to reverse her own decision.
But the damage is already done. The public knows the truth.
This was never a recovery plan. This was a cover-up.
The Verdict That Shook the Crypto World
In what reads more like a financial crime thriller than a court order, the Singapore Supreme Court has laid bare the reality:
- Illegal operations by Zettai.
- Hidden ownership through Zensui.
- A fake vote was used to mislead 4.4 million users.
- Zero compliance with Indian and Singaporean laws.
The hope of recovering funds from the Rs 2,000 crore WazirX hack feels even more distant now. Users are heartbroken, yes, but they are also furious. This isn’t just about crypto anymore. It’s about justice, accountability, and truth.
Also Read: Rise and Fall of WazirX: Mapping India’s Biggest Crypto Hack
