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Key Notes
- Singapore High Court has rejected WazirX’s restructuring plan as WRX tanked in the past day.
- WazirX quietly shifted its legal base to Panama after transparency concerns, leaving Indian users confused.
- With no clear timeline for asset recovery, users have launched a public revolt against WazirX on social media.
WazirX , once touted as India’s most trusted crypto exchange, has found itself in a mess. After a brutal $235 million hack nearly a year ago, attributed to North Korea’s Lazarus Group, the company’s troubles have deepened with a shocking legal setback in Singapore and a controversial move to Panama.
The result of the announcement was a staggering 39% crash in WRX token price, dropping it to a record low of $0.00923 before a slight rebound to $0.02113.
SAD NEWS FOR WAZIRX HACK VICTIMS
– $WRX is relocating from Singapore to Panama under a new parent entity, Zensui, after regulatory setbacks and ahead of its recovery token issuance post-$235M hack.
In short, this means users will have to wait even longer to recover their funds… pic.twitter.com/d1WcF0xJLC
— Kapoor Kshitiz (@kshitizkapoor_) June 4, 2025
Indians betrayed by wazirx
For over 4.4 million users, many of whom are retail investors and freelancers from India, the unraveling of WazirX’s restructuring plan has felt like betrayal after months of anxious waiting.
The Singapore High Court’s rejection of the plan, citing transparency issues involving its parent company Zettai Pte Ltd and undisclosed activities, such as registering a new Panama-based entity named Zensui, has left users in limbo.
The Hon’ble Singapore High Court has passed its judgement today, dismissing Zettai’s Scheme for restructuring. A huge win for all users, all stakeholders and everyone who took time out to work pro bono and help in dismissal of this bogus scheme.@NischalShetty @WazirXIndia I…
— Chirayu Bagree (@ChirayuBagree) June 4, 2025
The now-defunct plan was WazirX’s last significant attempt to begin refunding users. It included issuing recovery tokens, launching a decentralized exchange, and initiating token buybacks.
More critically, it promised partial payouts within ten days of court approval. With the plan dismissed and no new timeline in place, all hope for June restitution is gone.
Radio silence
WazirX’s sudden legal relocation to Panama, kept quiet until unearthed through court documents, has ignited a firestorm among users. Initially based in India, then Singapore, WazirX’s third move has drawn intense backlash.
Indian investors now find themselves tangled in legal obscurity, uncertain of their rights or whom to approach for clarity. The silence from the company’s leadership has made matters worse.
Since the court ruling, no one, including founder Nischal Shetty, has addressed users publicly. The only communication has been an email acknowledging the judgment and stating that legal options are being explored.
Meanwhile, WazirX’s social channels have restricted replies, effectively muting its once-vocal user base.
Investors revolt
Investor frustration has reached a boiling point. Across X (formerly Twitter), Telegram, and Reddit, users are rallying others to sell off WRX en masse, branding it a “revolt” against deception.
The mass sell-off explains the token’s violent price plunge and the current $8 million market capitalization.
Once a SCAMMER, always a SCAMMER 🤷🏻
This is how they fool 🇮🇳 Indian crypto users !!
From Zettai to Zensui
From Singapore 🇸🇬 to Panama 🇵🇦
Singapore banned unlicensed #Crypto companies. So #WazirX ran away 🫠
New name, new country, same drama, same scammer !!! pic.twitter.com/jsML2umzUM
— Ajay Kashyap (@EverythingAjay) June 5, 2025
In WazirX’s official post on X, the exchange stated it would appeal the Singapore ruling and begin asset distribution “soon.” However, trust has already eroded. The plan was supposed to be implemented in February 2025, and now, not only is that target long gone, but so is any clear path forward.
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… pic.twitter.com/jrXFFwnMBA
— WazirX: India Ka Bitcoin Exchange (@WazirXIndia) June 4, 2025
Worse yet, if WazirX cannot submit a revised restructuring plan or win an appeal, it may face liquidation under Section 301 of Singapore’s Companies Act. This would result in a fire-sale of remaining assets, leaving users with only pennies on the dollar, if they recover anything at all.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
A crypto journalist with over 5 years of experience in the industry, Parth has worked with major media outlets in the crypto and finance world, gathering experience and expertise in the space after surviving bear and bull markets over the years. Parth is also an author of 4 self-published books.
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