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The Singapore High Court has issued an order declining troubled cryptocurrency exchange WazirX’s proposed restructuring plan, further delaying the recovery of users’ funds parked with the exchange.
“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 focus remains to begin distributions as soon as possible,” the crypto exchange posted on X.
“Towards this goal, we are currently evaluating all available legal options in consultation with our legal and advisory teams, and will be appealing the decision of the Singapore High Court. Today’s decision does not impact the NLPA (Rebalanced Net Liquid Platform Assets), which remain safe,” it added.
WazirX was the largest Indian crypto exchange before losing about $235 million to hackers in July 2024.
Rebrand, re-location
According to media reports, WazirX is moving its operations to Panama after the Singapore court declined to approve the firm’s restructuring plan.
Crypto news portal Cointelegraph reported that, in an email sent to its users, WazirX shared recently redacted legal documents outlining the move. One of the documents revealed that WazirX’s parent company, Zettai, will relocate to Panama and rebrand.
“Zettai has taken steps to incorporate a subsidiary, Zensui Corporation […] in the Republic of Panama, and has been preparing for the transfer of the operations of the Platform’s cryptocurrency-related services to Zensui,” the report quoted the document as saying.
Published on June 4, 2025
This article first appeared on The Hindu Business Line
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