As a seasoned analyst with years of experience navigating complex financial landscapes and international legal battles, I find myself deeply concerned about the predicament facing WazirX users in India. The apparent misuse of Singaporean laws by Zettai Pte Ltd to exploit Indian citizens is not only unethical but also potentially illegal.
Following a letdown by their home nation’s officials, WazirX exchange users from India have penned a petition to the Chief Justice of Singapore, pleading for justice after a hack that depleted approximately Rs 2000 crore of user assets on July 18.
It’s important to mention that the team managing the WazirX platform is based out of Zettai, a company headquartered in Singapore, with its co-founders residing in Dubai. The majority of WazirX users, over 90%, are from India. Recently, WazirX has petitioned the Singapore High Court for a moratorium to prevent legal actions by users.
Misuse and blatant disregard for Singaporean laws, resulting in the unjust deprivation of half of VDA’s Indian citizens by Zetai Pte Ltd (UEN No. 201900774K), is under investigation. This matter involves international bodies such as INTERPOL_Cyber and INTERPOL_HQ, the Singapore Courts, government, police force, and relevant departments, as well as HMOIndia, Dr. S Jaishankar, FBI, CIA, and other concerned authorities.
— eVAKEEL (@evakeel24) September 19, 2024
The letter, drafted by a group of WazirX users, has accused Zettai Pte Ltd of abusing Singapore’s laws to exploit Indian users. They have also challenged the decision to hire Singaporean lawyers using Rs 100 crore of user funds without their approval or consent.
In the letter, WazirX users are contesting the directors of Zettai Pte Ltd’s labeling of their claims as “contingent creditors.” Being labeled as contingent creditors implies that these users’ claims are not guaranteed and may not be fully paid out. These unsettling declarations have caused worry among users who are anxious about potentially losing their investments.
Two Indian companies, Bitcipher Labs and NextGen Dev, have already taken legal action against Zettai’s Indian subsidiary, Zanmai India, for the same matter.
Victims of WazirX are equally angry over the absence of transparency during town hall discussions and the refusal to release their unaffected assets, valued at approximately $300 million.
The query in the letter can be rephrased as follows: “What’s the reason behind the Directors of ZETTAI PTE. LTD choosing to respond to their own questions and answers on a WazirX blog, while disregarding the input and advice from their creditors?
The petition submitted by Zettai to the Singapore High Court seeks a temporary period of respite for the company, allowing it time to reorganize its financial obligations. Yet, this action has been met with significant criticism from users who claim that it’s an attempt to circumvent Indian regulatory scrutiny.
Due to the current state of affairs, numerous individuals find themselves in a dire economic predicament, grappling with their financial losses and the ambiguity regarding future restoration. Consequently, they have turned to global organizations such as Interpol, the FBI, and the CIA, seeking assistance and intervention.
The letter also raised the question of “How ZETTAI PTE. LTD can apply for the grant of Moratorium” while there is an ongoing dispute between Zettai Pte Singapore and Binance.
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2024-09-19 15:33