The recent ruling by Singapore’s Supreme Court has shed light on a series of deceptive practices by crypto exchange WazirX, its partner Zettai, and a hidden player, Zensui, based in Panama. The court uncovered a web of lies, rule-breaking, and hidden control within these companies, leaving users in a state of uncertainty and distrust.
WazirX, which suffered a $235 million hack last year, faced further scrutiny when the court invalidated a recent user vote. Judge Tan revealed that crucial information was intentionally withheld from users, misleading them into making uninformed decisions. The so-called democratic vote was nothing more than a facade, designed to shield WazirX from accountability.
In a shocking revelation, Zettai was found to be operating illegally in Singapore, lacking a Digital Token Service Provider (DTSP) license and showing no intention of obtaining one. This blatant disregard for local laws raises serious concerns about the company’s ethics and commitment to compliance.
Even more alarming was the discovery that Zensui, a Panama-based entity, was the true power behind the scenes, controlling operations while remaining hidden from users and regulators. The court condemned this deception as a waste of public resources and a betrayal of trust.
Furthermore, WazirX’s failure to register with India’s Financial Intelligence Unit (FIU) exposed a pattern of regulatory avoidance across multiple countries. With their restructuring plan rejected, WazirX faces an uncertain future. Despite plans to appeal, the company has already begun shifting operations to Panama under the Zensui brand, leaving millions of users with little hope of recovering lost funds.
The fallout from these revelations has rocked the cryptocurrency community, raising questions about transparency, accountability, and the need for stricter regulatory oversight. As users grapple with the implications of these findings, the industry must reflect on the importance of honesty, integrity, and ethical business practices to ensure the trust and confidence of all stakeholders.