WazirX News: Singapore Court Blocks $230M Repayment Plan, What Next?

Once the shining star of India’s cryptocurrency realm, WazirX now finds itself desperately scrambling for stability. The Singapore High Court, in a move that can only be described as the legal equivalent of a slap in the face, rejected its highly anticipated restructuring plan. This decision, so unexpected yet so inevitable in hindsight, has left the exchange’s creditors in a state of perpetual uncertainty.

The Honourable Singapore High Court issued an order declining to approve our proposed restructuring plan. While this outcome was not what we anticipated, we respect the Court’s decision and remain fully committed to complying with all legal and regulatory processes.
Our primary…
— WazirX: India Ka Bitcoin Exchange (@WazirXIndia) June 4, 2025

WazirX Repayment Hopes Dashed

The plan, which had promised to bring hope to creditors by beginning payouts by April 2025, seemed like a beacon of light after WazirX’s disastrous $230 million hack, allegedly tied to North Korea’s Lazarus Group (because why not blame the North Koreans?). The ambitious proposal included the launch of a decentralized exchange (DEX), recovery tokens, and the grand gesture of buying back tokens to support liquidity. But alas, with the court’s decision to block it, the dream of repayment collapsed faster than a poorly written smart contract. The creditors? Still waiting in line.

WazirX Shifts Base to Panama

In a move straight out of a “How to Evade Legal Troubles 101” handbook, WazirX has decided to uproot and relocate to Panama. Yes, you read that right. The once-proud exchange is now rebranding under a new entity, Zensui Corporation, conveniently positioned in Panama. Because who needs Singapore when you have the tropical allure of Panama, right? Legal documents, suspiciously redacted, have been shared with users, though we’re not sure if it was meant to reassure or confuse. Whatever the case, WazirX’s strategy now appears to involve pressing the reset button in a new jurisdiction, leaving behind a trail of unresolved issues and frustrated customers.

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WazirX Rebrands as Zensui After Moving from Singapore to Panama
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Legal Limbo and Risk of Liquidation

The court’s refusal to approve the plan now puts WazirX in danger of being liquidated under Section 301 of the Companies Act. If this happens, the remaining assets could be sold off at a price that might make your local garage sale look like an auction at Christie’s. Creditors, brace yourselves for significantly lower compensation. But don’t worry, WazirX is still “committed to legal compliance” and hopes to start distributions “as soon as possible.” We’re sure that’s exactly what creditors wanted to hear.

From Market Leader to Crisis Mode

WazirX, once the undisputed leader of the Indian crypto market, now finds itself in crisis mode. The credibility of the platform is in tatters, with poor communication, limited asset recovery, and a social media presence that could best be described as “ghostly.” The court’s ruling has cast a shadow over the platform’s future, and the dream of redemption now seems like a distant memory, perhaps best left in the past with the memory of its former glory days.

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FAQs

What happened to WazirX?

WazirX suffered a $230 million hack; its parent company filed for a moratorium to work on a repayment plan under Singapore law.

Will we get WazirX money back?

The parent company is working on a court-approved repayment plan, but full reimbursement depends on the legal outcome. Hold onto your wallets!

What happens to WazirX users after the rebrand to Zensui?

Users can still access services, but operations will be under Zensui. Expect regulatory and service changes as the updates roll out. Fun times ahead, right?

2025-06-05 10:28