The Singapore High Court confirmed the possibility of a revote on the restructuring plan of the hacked crypto exchange WazirX, which may lead to its relaunch and reimbursement for users.
Revote and New Management Structure
The Singapore High Court has overturned its prior ruling from June 4, 2025, allowing a revote on the amended restructuring plan of WazirX. The new plan submitted by parent company Zettai aims to address previous regulatory concerns, particularly regarding Panama-based Zensui and its compliance with the Singapore Financial Services and Markets Act (FSMA).
Indian-registered Zanmai Labs will now oversee fund distributions to creditors and users, while Zettai and Zensui will no longer handle payouts or core operations. This structural shift has been key in swaying the court's decision.
According to Zettai, the company is preparing for a creditor vote in the coming weeks, which could allow the WazirX platform to restart operations.
CoinDCX's Stance and Transparency Statement
Meanwhile, another Indian crypto exchange, CoinDCX, has responded to allegations regarding the misallocation of user funds to unregistered entities in Lithuania. CoinDCX CEO Sumit Gupta called the claims "misinformation." He emphasized that all Indian rupee and crypto assets of users have always been held by Neblio Technologies, a registered entity in India.
Gupta also highlighted that CoinDCX had no ties with Lithuania-based entities until February 2025, and any interactions were strictly exploratory. The exchange updated its terms of use on February 7, 2025, to further strengthen user trust.
Current Trends in the Crypto Industry
The crypto industry has made significant advances since the hack of WazirX on July 18, 2024, when Bitcoin was trading around $60,000–$70,000. Currently, Bitcoin has reached an all-time high exceeding $123,000, trading at an average price of $118,862. This trend indicates a growing interest and momentum in the market, despite the setbacks faced by individual players.
The resumption of the vote on WazirX's restructuring plan is an important step towards restoring the platform's operations and ensuring user reimbursements. Concurrently, CoinDCX's position highlights the necessity for transparency in the cryptocurrency industry.
