Crypto Catastrophe: The Great WazirX Whodunit! 🕵️‍♂️💰

It has been a full eleven months since the fateful day of July 18, 2024, when WazirX was struck by a calamity of epic proportions. A staggering Rs 2,000 crore worth of cryptocurrency vanished into the ether, leaving 4.4 million users in a state of bewilderment, akin to sheep without a shepherd. They yearned for justice, they craved transparency, but above all, they longed for a single utterance from the elusive Nischal Shetty.

What did they receive? Silence, as deafening as a church bell on a quiet Sunday.

And lo! From a courtroom thousands of miles away in Singapore, emerged a voice they had not anticipated but desperately required. Judicial Commissioner Kristy Tan did not merely adjudicate on a restructuring proposal; she unearthed a festering scheme, a veritable house of cards built upon lies, faux governance, and clandestine control. While Indian authorities floundered and the WazirX leadership evaporated like morning mist, it was a judge from Singapore who finally shone a light on the murky depths of this affair.

The Vote Was a Lie. The Scheme Was a Façade.

WazirX and Zettai presented what they termed a “user vote”—a supposed democratic process to determine the platform’s future post-hack. Yet, as Judge Kristy Tan astutely observed, it was nothing more than a mirage.

“Why were the supposed creditors of this scheme left in the dark, unable to cast an informed vote?”

WazirX Image

The restructuring scheme was dated March 12, 2025, while Zensui, the shadowy entity lurking behind Zettai, was incorporated merely two days prior. Users were blissfully unaware. Even the Court was kept in the dark during a pivotal hearing on May 13. What sort of ‘vote’ conceals the most vital information from those who are meant to decide?

“Had I not posed the questions I did yesterday,” Judge Tan remarked, “would Zensui’s role have remained hidden from the Court and the platform users? I strongly suspect so.”

This was not mere incompetence; it was a calculated manipulation.

Zettai: Operating Illegally, With Full Knowledge

WazirX’s operational partner, Zettai, was deemed illegal. The company lacked a Digital Token Service Provider (DTSP) license to conduct crypto services in Singapore. Shockingly, their counsel, R&T, confessed they had no intention of applying for one.

“The proposed scheme cannot be executed by Zettai without it acting illegally if it does not obtain a DTSP license.”

Operating without a license in Singapore is a criminal offense. Zettai not only breached the law; they did so with full knowledge. This is not mismanagement; it is willful defiance.

Zensui: The Hidden Panama Link

But the most scandalous revelation? Zensui, the Panama-registered entity, secretly orchestrating the entire affair.

For months, users were led to believe that Zettai was at the helm. In truth, the court uncovered that Zensui wielded complete operational control. This deliberate obfuscation was, in the judge’s own words, an ‘abuse of judicial process.’

“If the scheme was approved, would the creditors even be aware that, despite the terms of the scheme, their recourse against Zettai was limited since operations had been transferred to Zensui?”

WazirX’s Blatant Non-Compliance in India Too

The treachery did not halt at Singapore’s borders. Judge Tan also pointed out that WazirX has never registered with India’s Financial Intelligence Unit (FIU), a mandatory requirement for crypto exchanges.

So what do users have now?

No DTSP license in Singapore.
No FIU-IND compliance in India.
No transparency to users.
No answers from the founder.

This is not mere coincidence; it is a pattern as predictable as the sunrise.

Fake Townhalls. Fake Governance. Real Heartbreak.

Throughout 2024 and 2025, WazirX orchestrated digital townhalls and conducted what they claimed were community votes. Victims clung to every update, hoping for a glimmer of hope. But now we know the truth: it was all a theatrical performance. A grand charade to keep hope alive while the real narrative lay buried beneath layers of deceit.

Where is Nischal Shetty?

While millions of users waited with bated breath, Nischal Shetty vanished into thin air. No statements. No townhalls. No apologies. Just an echoing silence.

Illegal operations by Zettai.
Hidden ownership through Zensui.
A fake vote was employed to mislead 4.4 million users.
Zero compliance with Indian and Singaporean laws.

The hope of recovering funds from the Rs 2,000 crore WazirX hack feels even more distant now. Users are heartbroken, yes, but they are also furious. This is no longer merely about cryptocurrency; it is about justice, accountability, and the unvarnished truth.

2025-06-18 15:41