WazirX , once touted as India\u2019s most trusted crypto exchange, has found itself in a mess. After a brutal $235 million hack nearly a year ago, attributed to North Korea\u2019s Lazarus Group, the company\u2019s troubles have deepened with a shocking legal setback in Singapore and a controversial move to Panama.<\/p>\n
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.<\/p>\n
\nSAD NEWS FOR WAZIRX HACK VICTIMS<\/p>\n
– $WRX<\/a> 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.<\/p>\n
In short, this means users will have to wait even longer to recover their funds\u2026 pic.twitter.com\/d1WcF0xJLC<\/a><\/p>\n
— Kapoor Kshitiz (@kshitizkapoor_) June 4, 2025<\/a><\/p>\n<\/blockquote>\n
Indians betrayed by wazirx<\/h2>\n
For over 4.4 million users, many of whom are retail investors and freelancers from India, the unraveling of WazirX\u2019s restructuring plan has felt like betrayal after months of anxious waiting.<\/p>\n
The Singapore High Court\u2019s 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.<\/p>\n
\nThe Hon\u2019ble Singapore High Court has passed its judgement today, dismissing Zettai\u2019s 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<\/a> @WazirXIndia<\/a> I\u2026<\/p>\n
— Chirayu Bagree (@ChirayuBagree) June 4, 2025<\/a><\/p>\n<\/blockquote>\n
The now-defunct plan was WazirX\u2019s last significant attempt to begin refunding users. It included issuing recovery tokens, launching a decentralized exchange, and initiating token buybacks.<\/p>\n
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.<\/p>\n
Radio silence<\/h2>\n
WazirX\u2019s 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.<\/p>\n
Indian investors now find themselves tangled in legal obscurity, uncertain of their rights or whom to approach for clarity. The silence from the company\u2019s leadership has made matters worse.<\/p>\n
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.<\/p>\n
Meanwhile, WazirX’s social channels have restricted replies, effectively muting its once-vocal user base.<\/p>\n
Investors revolt<\/h2>\n
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.<\/p>\n
The mass sell-off explains the token\u2019s violent price plunge and the current $8 million market capitalization.<\/p>\n
\nOnce a SCAMMER, always a SCAMMER \ud83e\udd37\ud83c\udffb<\/p>\n
This is how they fool \ud83c\uddee\ud83c\uddf3 Indian crypto users !!<\/p>\n
From Zettai to Zensui <\/p>\n
From Singapore \ud83c\uddf8\ud83c\uddec to Panama \ud83c\uddf5\ud83c\udde6<\/p>\n
Singapore banned unlicensed #Crypto<\/a> companies. So #WazirX<\/a> ran away \ud83e\udee0<\/p>\n
New name, new country, same drama, same scammer !!! pic.twitter.com\/jsML2umzUM<\/a><\/p>\n
— Ajay Kashyap (@EverythingAjay) June 5, 2025<\/a><\/p>\n<\/blockquote>\n
In WazirX\u2019s official post on X, the exchange stated it would appeal the Singapore ruling and begin asset distribution \u201csoon.\u201d 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.<\/p>\n
\nThe 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\u2019s decision and remain fully committed to complying with all legal and regulatory processes.<\/p>\n
Our primary\u2026 pic.twitter.com\/jrXFFwnMBA<\/a><\/p>\n