wazirX

In a verdict that reads more like a financial crime thriller than a regulatory ruling, Singapore’s Supreme Court has pulled the curtain back on WazirX, revealing a tangle of deception, hidden ownership, and blatant legal defiance involving not just the exchange itself but its affiliates Zettai and Zensui.

Let’s break down what happened — and why it matters far beyond WazirX users.
A “User Vote” That Was Anything But Democratic

WazirX recently held what it called a community vote — supposedly a chance for users to shape the platform’s future. But the Singapore judge saw right through it.

According to the court, key details were deliberately concealed from the users. The vote was, in the judge’s words, a staged performance meant to create a veneer of community involvement while keeping the truth buried. Had the court not intervened, thousands of users might’ve unknowingly backed decisions made under false pretenses.

This isn’t just about poor governance — it’s about calculated manipulation.

Zettai Caught Operating Without a License

The situation only got more serious when the court turned its attention to Zettai, WazirX’s operational partner.

Zettai was found to be running crypto operations in Singapore without a Digital Token Service Provider (DTSP) license — a basic legal requirement. What’s worse, their legal team openly admitted they never planned to obtain one.

That’s not an oversight. That’s willful noncompliance.

It raises a massive red flag about the kind of due diligence — or lack thereof — that went into this entire structure. Zettai didn’t just miss a regulatory step; they ignored the rulebook entirely.

The Panama Puzzle: Zensui’s Hidden Role
Dig a little deeper, and it turns out that neither WazirX nor Zettai was truly in control.
The real power behind the scenes? A Panama-based company called Zensui — a name that wasn’t even disclosed to users or regulators until this court case forced it into the open.

This kind of shadow ownership is exactly what regulators around the world are trying to crack down on. It obscures responsibility, accountability, and ultimately leaves users in the dark about who’s really handling their funds.
The judge didn’t mince words, criticizing the drawn-out proceedings as a strategic attempt to mislead and delay the truth. A full year of legal maneuvering, all to protect a fabricated story.
Ignoring Indian Regulations, Too
And if you thought the regulatory flouting was limited to Singapore — think again.
WazirX also failed to register with India’s Financial Intelligence Unit (FIU), a basic requirement for any crypto exchange operating in the country. That’s two major jurisdictions where rules were not just bent but outright ignored.
What Comes Next?

WazirX says it plans to appeal. Meanwhile, it’s quietly shifting operations to Panama under the Zensui name. For users still hoping to recover lost funds from last year’s $235 million hack, that dream just got even more distant.

The bigger concern? This case exposes a blueprint that other bad actors might follow: use complex structures, hide ownership, dodge regulation, and play the long game in court. It’s a wake-up call not just for users, but for global regulators still catching up with the crypto space.

Final Thoughts

This isn’t just about one exchange getting caught. It’s a spotlight on how easily trust can be exploited when transparency and regulation take a backseat.
If crypto is ever going to reach mainstream credibility, cases like this can’t be the norm. They have to be the cautionary tales that shape a safer, more honest future for the entire space.

👉 If you're a crypto user, always look beyond the surface. Who’s really in control? Are they playing by the rules? And most importantly — if things go south, will they be held accountable?

#WazirX

WazirX, a prominent Indian cryptocurrency exchange, has faced significant challenges following a major cyberattack in July 2024. This incident resulted in the theft of approximately $230-235 million (around ₹2,000 crore) in user funds, representing a substantial portion of the exchange's reserves. Investigations suggest North Korea-linked hackers may be responsible.
The aftermath has been fraught with difficulties for affected users. While WazirX's operating entity, Zettai Pte Ltd (based in Singapore), sought to implement a restructuring plan, this was recently rejected by the Singapore High Court in early June 2025. The court's decision was reportedly influenced by WazirX's failure to disclose details about a Panama-based entity and the fact that Zettai is not a registered entity in India, rendering the restructuring plan potentially invalid for Indian users.
Users have also pursued legal recourse within India. However, the National Consumer Disputes Redressal Commission dismissed a class-action lawsuit, citing jurisdiction issues and the lack of legal status for cryptocurrencies in India. The Supreme Court of India has also advised petitioners to approach the Union Government and financial regulators.
Meanwhile, the Enforcement Directorate (ED) in India has previously investigated WazirX for alleged money laundering activities, freezing some of its bank accounts. While these funds were later unfrozen after cooperation, the ongoing legal and regulatory scrutiny highlights the complexities and risks for users in the unregulated Indian crypto landscape. WazirX has announced a partnership with BitGo to enhance fund security and aims to rebuild user trust, but the path to full recovery for affected users remains uncerta in.#BinanceAlphaAlert #WazirX $BNB $BTC

The Delhi High Court demanded a fresh investigation in response to allegations of financial irregularities and a North Korean-linked hack.

Indian crypto exchange WazirX faces mounting challenges after the Delhi High Court ordered a fresh investigation into the platform on Dec. 18 — the same day Binance announced it would delist the exchange’s native token WRX.
The probe, spurred by allegations of a prior hack and concerns over financial irregularities, signals intensifying scrutiny on the beleaguered exchange.
The court’s directive came after Advocate Jaivir Bains filed a petition calling for criminal proceedings against WazirX in connection with a July 2024 breach that resulted in a loss of $235 million in crypto.
Initial reports from Delhi police concluded that no criminal case could be substantiated, but Justice Sanjeev Narula rejected the findings and required an updated status report by February 2025.
The investigation highlights lingering doubts about WazirX’s operational integrity, particularly in light of allegations that a North Korean hacking group orchestrated the breach. Despite a partial recovery effort led by cybersecurity firm Cyfirma, the exchange admitted that 43% of customer funds remain unrecoverable.
Binance delisting
The legal development comes as Binance announced it would delist WRX, citing a failure to meet compliance standards.
The delisting, effective Dec. 25, triggered a 59% drop in WRX’s value, reflecting eroded investor confidence. Binance has also denied ownership of WazirX, alleging the exchange is controlled by Zanmai Labs, which operates under the jurisdiction of India’s Financial Intelligence Unit.
While WazirX attempts to regain stability, including plans to relaunch its platform and introduce a decentralized exchange, critics have highlighted deficiencies in its crisis management and transparency. “The court’s move to demand a fresh probe reflects the severity of the allegations and raises questions about the future of WazirX,” said a legal analyst familiar with the case.
WazirX has pledged to rebuild with enhanced services, but the combination of regulatory scrutiny, financial losses, and market instability poses a formidable challenge for the once-prominent exchange.
#wazirX $WRX

The cryptocurrency exchange WazirX, once the largest platform in India, has made significant strides in its efforts to recover stolen assets from the 230 million USD hack in July 2024. After 4 months of investigation and legal coordination, #WazirX successfully froze 3 million USD in USDT.
The asset recovery journey
The cyber attack on WazirX resulted in a loss of 45% of the exchange's reserves, with ERC-20 tokens on the $ETH network being the primary targets. Immediately after the incident, WazirX initiated investigations and obtained a temporary order from the Supreme Court of Singapore to suspend payment obligations for 4 months to proceed with debt restructuring.