In a key development in the ongoing WazirX-Zettai legal proceedings, the Singapore Court has granted an extension to the legal protection period.
The protection comes under the existing moratorium, now extended until further arguments are fully heard and decided.
The recent development follows a request from WazirX’s parent entity, Zettai, to submit additional arguments related to its application for court approval of a proposed Scheme of Arrangement.
The original moratorium, granted under case HC/OA 1284/2024, was set to expire on 6 June 2025. However, in light of the Court’s decision to allow further submissions.
The protection period will now remain in effect until a final judicial determination is made on the matter.
Court Rejected Initial Scheme, but Further Legal Options Remain Open
The court had earlier dismissed Zettai’s application for the sanction of its proposed Scheme under case HC/SUM 940/2025, dealing a temporary blow to the restructuring efforts.
Zettai, however, promptly responded by filing a request to present further arguments before the same judge who ruled on SUM 940.
The step reflects the company’s commitment to exhaust all legal remedies within Singapore’s judicial framework.
According to procedural guidelines, the Court is expected to inform the applicant within 14 days of the request whether additional arguments will be entertained.
If accepted, the Court may require Zettai to file supplementary written submissions and possibly present oral arguments.
Also Read: Singapore Court Rejects WazirX Restructuring Plan, Refunds Plan Remain Unclear
Parallel Legal Strategies Being Explored as Judicial Review Continues
While the request for further arguments is pending, Zettai and its legal advisors are also exploring alternative legal routes, including a potential appeal of the dismissed application.
These parallel strategies are part of a broader effort to secure the best possible outcome for Zettai’s creditors and stakeholders.
Despite the setback, Zettai emphasized that this development does not signal the end of its restructuring journey.
The company has shared that it will continue to review its options carefully while respecting the integrity of the legal process.
Users have also been provided with a transcript of the 4 June 2025 hearing; however, Zettai cautioned against drawing conclusions, as the full grounds of the Court’s decision have not yet been published.
Also Read: WazirX Rebrands to Zensui, Relocates to Panama Following Hack and Regulatory Pressure in Singapore
Community Reassurance Amid Legal Uncertainty
WazirX, which operates under the Zettai umbrella, has reiterated its commitment to transparency and community engagement during this uncertain period.
Through an official update shared on its X platform, WazirX assured users that they will be promptly informed as new directions from the Court emerge.
The company thanked its community for their continued patience and support, acknowledging the complexity of the legal proceedings.
As the matter remains under active judicial consideration, WazirX urged users to refrain from speculation and emphasized its dedication to achieving a resolution that is fair and beneficial for all involved parties.
Also Read: WazirX Prepares To Restart Exchange And Payouts After $234M Hack, Court Decision Due May 13