Wazirx will move to Panama following the court's denial of the restructuring plan.

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Singapore-based Wajirux is moving its base to Panama after a local court opposed the restructuring plan. Crypto Exchange announced the court’s decision via a post on June 4, 2025.

In an email shared with the userbase, Wazirx detailed a recently compiled document revealing that Wazirx’s parent company Zettai will be rebranding the region’s brand.

The document states, “Zettai has taken steps to incorporate its subsidiary Zensui Corporation in the Republic of Panama, preparing to move the platform’s cryptocurrency-related services to Zensui.”

The news comes as Singapore’s central bank requires local crypto service providers to halt digital token services to overseas markets. The deadline for this mission is June 30th, 2025.

The court’s decision seems likely to cause payment rollouts to hit a massive obstacle, delaying refunds to those affected by the hack. In an email to creditors, Wazirux said: “The Honorable High Court of Singapore has issued an order denying approval of the proposed restructuring plan.”

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 primary… pic.twitter.com/jrxffwnmba
– Wazirxindia: India KA Bitcoin Exchange (@wazirxindia) June 4, 2025

Interestingly, the court first approved the Wazirx plan in January. This is because they were seeking protection from liquidation following a $230 million hack by the North Korean Lazarus Group. Wazirx’s plan outlined the process by which creditors could vote on whether or not they would accept the terms.

Currently, if the restructuring fails as creditor repayment timelines are again cast into uncertainty, Waxilx could face liquidation under Section 301 of the Singapore Business Act, resulting in the sale of the remaining assets of the Company.

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Zensui issues Wazirx Recovery token

Zettai will incorporate its subsidiary Zensui into Panama on March 10, 2025 and will take over future business. They have already concluded an agreement to transfer Zettai’s business to a new subsidiary, and once they do so, Zensui will receive cryptocurrency services within 2-3 business days.

Additionally, Zensui oversees the issuance of Wazirx recovery tokens as part of the company’s compensation strategy for those affected by the hack. The company also said it does not seek a license to continue its operations in Singapore or register with the Indian Financial Information Unit.

The recovery token issued by Zensui will probably act as an on-chain Iou (I borrow you). It is designed to be created against each creditor on the exchange and represents an unresolved claim that is not covered by the initial distribution.

It also serves as a way to track the remaining balance of users. Token holders receive periodic distributions funded by Wazirx’s profits and recovered assets.

Additionally, creditors were heavily supportive of Wajirux’s post-hack restrictions plan, as more than 90% of voted creditors support the scheme. Wazirx previously said that tokens could potentially restore 75% to 80% of the user’s account balance when hacked.

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Key takeout

Zettai, the parent company of Wazirx, is changing its base from Singapore to Panama
District Courts that reject Wazirx’s restructuring plan could cause delays in the deployment of payments
Zensui issues recovery tokens as part of the company’s compensation strategy for those affected by the hack