Wazirx Restructuring Block: The Singapore Court rejects Wazirx’s repayment plan and stalls creditor payments after a $230 million hack linked to the Lazarus Group.
Exchange moves to Panama: Wazirx shifts operations under the new entity Zensui Corporation, putting liquidation at risk amid rising legal troubles.
Wajirux, India’s former lead crypto exchange, is facing new troubles after the Singapore High Court refused to approve the restructuring plan and again cast creditor repayments into indeterminate uncertainty.
The Honorable High Court of Singapore has issued an order denying approval of the proposed restructuring plan. Although this result was not what we expected, we are fully committed to respecting the court’s decisions and abide by all legal and regulatory processes.
Our main…pic.twitter.com/jrxffwnmba
– Wazirx: India Ka Bitcoin Exchange (@wazirxindia) June 4, 2025
I hope Wazirx repayments will skyrocket
The plan, which aims to begin paying creditors by April 2025, received early court approval in January following a catastrophic $230 million hack related to North Korea’s Lazarus Group. Wazirx had proposed a path to recovery, including launching a decentralized exchange (DEX), issuing recovery tokens, and purchasing tokens that support liquidity. However, the court’s recent decision has broken the timeline for repayments, leaving creditors in scope.
Wazirx shifts base to Panama
After the Singapore Court rejected its restructuring plan, Wazirx has now moved its operations to Panama and is rebranding it under a new entity. Recently, Exchange shared legal documents edited by email with users, revealing that parent company Zettai has set up a subsidiary in Panama called Zensui Corporation. The move shows strategic changes as Wazirx attempts to reset crypto services under its new jurisdiction.
Legal scope and risk of liquidation
The Singapore Court’s denial now threatens to push Wajirux into liquidation under section 301 of the Business Act. In that case, the remaining assets could be sold at fire prices, resulting in a significant reduction in the rewards of affected users. Despite the set-up, Wazirx said in a note to creditors it remains committed to legal compliance and hopes to begin distributions “as soon as possible.”
From market leader to crisis mode
Once the dominant force in the Indian crypto trading scene, Wazirx’s reliability is problematic due to poor communication, limited asset recovery and almost complete shutdowns of user interaction on social media platforms. Moreover, this latest court ruling casts serious doubts on the future of the platform, showing a deeper challenge to its path to redemption.
Discover more from Earlybirds Invest
Subscribe to get the latest posts sent to your email.
