Zetai, the original unit of the Crypto Exchange Wazirx, has filed a petition to the Singapore High Court for the revaluation of its financial reorganization scheme. In a new filing on 6 June, Zettai requested the court to re -evaluate the implementation of the scheme. The approval was initially slate to arrive on 16 May; However, the court removed Zettai to order the order to complete further paperwork. At that time, neither Zettai nor Wazirux informed the creditors about the missing documentation that caused a shock.
Wazirx On Monday, June 9, a copy shared a copy of the court filing with Gadgets 360, which revealed that the Singapore High Court had found it. Zettai In violation of Financial Services and Markets Act 2022 (FSM Act). According to the court, there was a shortage of the digital token service provider (DTSP) license required to operate in Singapore near Zettai.
In response, the company argued that it did not “take a business” and therefore did not require a DTSP license. It states that the proposed restructuring plan was a once property distribution and not a commercial crypto service.
The filing also noted the earlier concerns of the court – raised in May – about the inadequate disclosure of information to Wazirx users, which led to reorganization scheme rejection. Zettai shared sufficient details to enable the informed creditor to enable the denticing creditor, resulting in 93.1 percent approval. The company also confirmed the establishment of “Zensui”, an assistant in the Republic of Panama.
“In the June 4 hearing, JC Tan partially rejected SUM 940 on the basis that Zettai did not disclose the incorporation of Zensui in the Republic of Panama and the possible role that Zensui would play in the implementation of the scheme before 4 June 2025. For such a plan, according to the scheme, the plan credits said that the plan credits said,” Was left to be.
The company said that while Zettai is currently responsible for distributing non-elaal payment assets (NLPA) as part of the first recovery token payout to the Vagirux creditors, it may transfer Zensui to operating rights, allowing the assistant to handle the assistant as the operator of the Wazirx.
To overcome legal concerns and accelerate the reimbursement of affected creditors, Zettai has carried forward two proposals for the view of the court.
“The court can order any amendment for the terms of the plan to solve any potential ‘spots’. In the option, the court can order the vote again on the plan after all the information before the planners, the material of additional information is being determined as a result of this re -vote,” the petition is proposed.
By Monday, the court’s response to the latest filing is still waiting.
Meanwhile, the ban on Zettai and Wazirx in Singapore ended on 6 June. In its filing, the company has requested the expansion of the adjournment, which has adapted both institutions to the creditor’s cases, while they worked on a reimbursement plan. The pre -infidelity given early in September last year has been extended at least once before this latest appeal.
In July 2024, a major safety violation stems financial troubles, when a multi-dialogue wallet related to Wazirx was hacked, resulting in a loss of $ 230 million (about Rs 1,900 crore). Wazirux alleged that there were North Korean hackers behind the attack. Despite starting a white hat bounty program and starting a legal inquiry, the stolen funds have yet been recovered. The creditors have voiced their frustration and disappointment on social media platforms.