Singapore Court Approves Revote on WazirX Restructuring Scheme

The Singapore High Court has overturned its previous decision and approved a revote on a revised restructuring scheme for Zettai, a company involved in the legal dispute surrounding the crypto exchange WazirX. This development comes after the court extended Zettai’s moratorium, providing the company with additional time to secure creditor approval for its updated plan. If the scheme is ultimately approved by creditors and sanctioned by the court, WazirX could potentially resume operations, with Zanmai facilitating creditor distributions.

WazirX has urged creditors and affected users to participate in the upcoming revote, emphasizing the importance of their votes in securing the approval of the scheme and moving forward with the First Distribution. The exchange stated, “Your vote will be instrumental in securing the approval of the scheme and moving forward with the First Distribution.”

This latest development follows 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, arguing that assets such as Bitcoin, XRP, and fiat balances on WazirX are held in trust for clients, not corporate property. As such, these assets cannot legally be included in the restructuring pool. The plaintiffs contend that Zettai’s decision to group all user assets into a single pool for corporate restructuring violates Singapore’s trust laws, which restrict restructuring to corporate debt only.

Plaintiffs have also raised questions about the legitimacy of the hack that 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.

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.

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.