WazirX Gets a Second Chance as Court Allows a Revote on Its Restructuring Plan

• The Singapore High Court has set aside its June 4 order and approved a revote on Zettai’s amended restructuring scheme.
• Zettai’s moratorium has been extended, and WazirX has urged creditors to participate in the new vote.
• If sanctioned, the scheme could allow WazirX to resume operations, with Zanmai facilitating creditor distributions.

The Singapore High Court has overturned an earlier decision and has now approved a fresh vote on a revised restructuring scheme for Zettai, a company entangled in the legal battle involving the crypto exchange WazirX.

According to an update posted by WazirX on the social media platform X, the court has also extended Zettai’s moratorium, which gives the company more time to secure creditor approval for its updated plan. If the scheme is ultimately approved by creditors and sanctioned by the court, WazirX could finally resume operations.

Potential Pathway to WazirX Platform Reopening

If the amended plan receives approval from the requisite majority of creditors and is sanctioned by the court, the currently inactive WazirX trading platform could reopen.

Now, WazirX is urging creditors and affected users to take part in the upcoming revote. “Your vote will be instrumental in securing the approval of the scheme and moving forward with the First Distribution,” the exchange stated.

Related: WazirX Users Sue Zettai in Singapore High Court, Allege ‘Inside Job’ Over Frozen Funds

Legal Dispute Over User Assets Dates Back to July 6 Filing

This latest development comes 10 days after a key filing on July 6 by plaintiffs represented by advocate Romy Johnson. In a 40-page submission, they challenged Zettai’s claim over user funds. 

They argue that assets such as Bitcoin, XRP, and fiat balances on WazirX are held in trust for clients, not corporate property. As such, they contend, these assets cannot legally be included in the restructuring pool.

At the heart of the dispute is Zettai’s decision to group all user assets, including those unaffected by the hack, into a single pool for corporate restructuring. Plaintiffs assert this violates Singapore’s trust laws, which restrict restructuring to corporate debt only.

Questions Still Linger Over the “Hack”

Plaintiffs also question the legitimacy of the hack Zettai cited as justification for its restructuring efforts. On-chain data reportedly shows that affected funds were moved using internal multi-signature wallets, suggesting internal authorization was required.

This has led users to demand full transparency, the names of signatories involved in the transfers, and an independent audit.

Adding to the issue, the court had previously rejected Zettai’s original proposal due to undisclosed offshore affiliations. However, it has now permitted the company to proceed with a revised plan.

Background: Moratorium Extended After $234M Hack

On June 24, the court granted an extension to Zettai’s moratorium to allow for additional arguments. The company is attempting to recover from a $234 million exploit in July 2024, which it attributes to North Korean hackers. In response to the incident, WazirX suspended operations and proposed a restructuring plan.

While an earlier version of the plan received approval from 90% of users during a March 2025 vote, some critics questioned the process and the platform used. The restructuring proposal was subsequently moved to a Singaporean jurisdiction and included a compensation mechanism.

Related: WazirX Moves Closer to Restructuring With Singapore Court’s Latest Approval

Now, Zettai has pledged to conduct the revote as quickly as possible. If the amended scheme passes, WazirX could resume limited operations and begin distributions to creditors. Meanwhile, users continue to pursue restitution through the court, seeking legal clarity on the ownership and handling of their digital assets.