The latest email from WazirX landed quietly on June 6, but for the millions still locked out of their funds, it hit like a storm. In it, WazirX confirmed what had already been feared, the Singapore High Court has formally rejected the company’s restructuring plan.
The same plan that was supposed to finally restart user withdrawals nearly a year after the platform’s $230 million hack.
The email, addressed to all users, stated that WazirX’s parent company, Zettai, had written to the court requesting permission to make further arguments. Along with that, they also sought an extension of the moratorium previously granted.
The exchange shared a link to the official letter dated June 6, claiming redactions were made for privacy. That letter now represents WazirX’s last attempt to reverse a verdict that has already shattered user hopes.
This wasn’t the update users had been waiting for. It was supposed to be different. When the Singapore court extended Zettai’s moratorium earlier this month, many believed that the long-promised distributions would finally begin.
Users were told withdrawals could start within ten days of the scheme’s approval. Instead, they’ve received silence, rejections, and now a fresh round of legal appeals.
The past week has only made things worse. Just days before the June 6 letter, WazirX quietly shifted its parent company from Singapore to Panama. The name “Zettai” was scrapped too. It’s now “Zensui.” All of it happened behind the scenes while users waited in good faith for updates that never came.
That single move, away from Singapore’s tightening crypto rules, sent shockwaves through the community. Many saw it as an escape route, not a strategy. Singapore has recently begun cracking down on unlicensed crypto companies offering services abroad. Instead of staying and facing regulation, WazirX seems to have chosen to leave the battlefield altogether.
Then came the crash. As word spread about the rebranding and the court’s rejection, WazirX’s token plunged nearly 40% in a single day. The panic was immediate. For thousands already holding onto locked tokens and missing balances, it felt like watching a second collapse in slow motion.
And through it all, the one thing that’s been most consistent is silence. Not a single word from WazirX’s founder, Nischal Shetty.
His absence is being felt more deeply now than ever. Users have been asking the same question repeatedly: Will Nischal ever speak? Will he ever acknowledge what they’ve gone through? Many had put their life savings, retirement funds, and even borrowed money into WazirX. Not for speculation, not for gambling, but because they believed in the brand. And now, all they’re left with is a new company name and a broken promise.
The rejected scheme was WazirX’s last real shot at redemption. It included plans to launch a decentralized exchange, issue recovery tokens to affected users, and buy back WRX tokens to stabilize the ecosystem.
But most importantly, it offered hope that withdrawals would finally begin, something users had clung to for months. All of that now stands frozen.
The latest email tries to reassure users that the fight isn’t over. More arguments will be made. That the judge may reconsider. But hope, just like their funds, is starting to run out. What was once a waiting game has turned into helplessness.
WazirX has always said it’s working tirelessly with legal and advisory teams. But users don’t see action. They see delays. They see vanishing accountability. And most of all, they see a leadership that refuses to face the very people who trusted them when it mattered most.
Also Read: Rise and Fall of WazirX: Mapping India’s Biggest Crypto Hack
