- This topic has 11 replies, 4 voices, and was last updated 1 year, 3 months ago by
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UHey everyone,
I (and many other WazirX users) need serious legal advice regarding their **so-called restructuring scheme** under **Zettai Pte Ltd**. The company is making **confusing claims**, avoiding direct answers, and it feels like they are setting up a trap for users.
🔗 **Official PDF:** [Zettai Restructuring Scheme](https://drive.google.com/file/d/1KIFkM5mkIlgGdy3O1TO0xJZ7Dy56EZv_/view)
# What’s Happening?
* They are **telling everyone they will get 85% back instantly**, but the reality is different.
* What we can **actually withdraw depends on a hidden formula** – we only get **60%, 40%, or 20% of the 85%**, meaning users may **only get 51%, 34%, or even just 17% of their holdings upfront!**
* They **refuse to answer what happens to the remaining balance** – no timeline, no assurance that users will ever get it.# Why I Think This is Intentional Deception
* **Founder Nischal Shetty is misleading users with selective English statements**, making it sound like everyone is getting 85% instantly, but that’s not true.
* **WazirX support does NOT answer real questions** – they just send **generic copy-paste replies** without addressing concerns.
* Many WazirX users are **stuck and helpless** because there is **no clear process to opt out or fight back**.
* He is **avoiding answering critical questions** because he knows that if people understand the full truth, they **will NOT support this scheme**.# Key Questions We Need Legal Help With:
1. **If I vote “No” to this scheme, do I still have the right to take legal action later, or will I be forced to accept it anyway?**
2. **If I do NOT vote, will I be automatically included in the scheme? Will I lose my right to challenge it?**
3. **Can we legally challenge this after the scheme is approved? Or is this legally binding on all users?**
4. **What happens to the “locked” balance after the first withdrawal? Can they legally refuse to give users their remaining funds?**
5. **What are our legal options as Indian users if we feel WazirX/Zettai is misleading or cheating us?**This is **not just my issue – a lot of WazirX users are suffering because of their misleading answers and refusal to clarify things**. We need solid legal advice on what steps we can take.
Any help, suggestions, or legal insights would be **greatly appreciated**!
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RR u sure about the not getting 85% immediately part.? And if yes , how long will they take to give remaining funds.
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UThe user will get 85% immediately, but it will be partially blocked (as mentioned). The 85% will be the crypto assets for which, at max, they will let 60% of 85% (best case) withdraw and is currently likely to be only 40% of 85%.
They are making people fool by saying 85% will be available to users instantly once the scheme is approved but won’t let users to withdraw the total amount (which is the twist) and also not answering this question in any way.
What about the rest of the funds/assets of 85%? It will be given in 3 years, which is also subject to profit from the new platform and recovery tokens.
This story of WazirX is long and there is no clear transparency by the owners/founders.
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EIf you know they are fooling, there is no transparency, and the report you attached states “the verified Stolen Assets are valued at USD 283,591,219.21 based on the verified 17 January 2025 prices.”,…Take your losses, or set aside if you can recover, and move on with life. It is assumed that you were aware of risks involved in crytocurrency.
If you still want to pursue this, I guess it is as in their TOC: [WazirX – User Agreement](https://s3.ap-south-1.amazonaws.com/wrx-assets/WazirXUserAgreement.pdf?v1). (Singapore).
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URecently, Bybit was also hacked, but their CEO handled it perfectly. Despite being a $1 billion USD hack, everything was fixed within 2-3 days. He went live within 12 hours of the incident, explained the situation clearly to his customers, and promptly resolved the issues.
In contrast, the founder of WazirX paused all crypto transactions, did not provide any explanations, stopped responding to user concerns, and even deleted the Proof of Reserves immediately after the hack occurred.
Crypto may be risky, but in this case, trust was broken and the founder continues this pattern without hesitation! Because of incidents like this, Indian crypto platforms have gained a bad reputation, causing users to hesitate when choosing Indian exchanges.
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E>Crypto may be risky, but in this case, trust was broken and the founder continues this pattern without hesitation!
There are no crypto regulations in India so far. I believe there is a bill proposed.
“The Reserve Bank of India advises that it has not given any licence / authorisation to any entity / company to operate such schemes or deal with Bitcoin or any virtual currency. As such, any user, holder, investor, trader, etc. dealing with Virtual Currencies will be doing so at their own risk.” Source: [Reserve Bank of India](https://www.rbi.org.in/commonman/english/scripts/PressReleases.aspx?Id=2152#:~:text=The%20Reserve%20Bank%20of%20India%20advises%20that%20it%20has%20not,so%20at%20their%20own%20risk.)
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UWhile the RBI told the court it will not regulate platforms such as WazirX, Justice Datta termed the banking regulator’s stand as “unfortunate”.
“You (RBI) may turn a blind eye to crypto, it could threaten the financial system of the country. What are you doing to regulate that,” the judge asked. – [https://economictimes.indiatimes.com/news/india/wazirx-cyberattack-delhi-high-court-seeks-response-from-government-and-rbi/articleshow/117274942.cms?from=mdr](https://economictimes.indiatimes.com/news/india/wazirx-cyberattack-delhi-high-court-seeks-response-from-government-and-rbi/articleshow/117274942.cms?from=mdr)
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EThat’s not going to change anything, it still isn’t a law. The burden of due digilence is on the investor.
Anyway, I believe you are in a denial mode. Consider yourself extremely lucky if you get your money back.
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UI am not concerned about my money (I don’t have any hope of getting it back). I have seen a lot of people who are in debt/facing issues due to this. Nischal Shetty is making people fool and I am just trying to help them out!
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EYou should probably address this to SEBI (https://www.sebi.gov.in/department/investment-management-department-9/investor-complaints-cell-123/overview.html)
If you know someone else who is affected by this, it would be better to grow as a group. You can collectively make case for investor protection with regards to cryptocurrencies.
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