WazirX Moves to Panama After Court Denies Restructuring Proposal: Discover Top Cryptocurrencies to Purchase!
WazirX, situated in Singapore, is relocating its headquarters to Panama following a ruling from local courts that denied its restructuring proposal. The crypto asset trading protocol disclosed the court’s ruling in a post on X on June 4, 2025.
In a message sent to its users, WazirX unveiled recently censored documents indicating that Zettai, which is WazirX’s parent entity, will transition to Panama and undergo a rebranding in that area.
The document stated, “Zettai has initiated the formation of a subsidiary, Zensui Corporation, in the Republic of Panama, and has been arranging for the migration of the Platform’s cryptocurrency service operations to Zensui.”
This development arises amidst a directive from Singapore’s central bank ordering local crypto asset service providers to cease offering digital coin services to international markets, with a regulation deadline set for June 30, 2025.
The court’s ruling has hindered payment deployments significantly, likely delaying reimbursements for those impacted by the exploit. In a communication to their creditors, WazirX expressed, “The Honourable Singapore High Court issued an order refusing to validate our proposed restructuring plan.”
The Honourable Singapore High Court issued an order refusing to validate our proposed restructuring plan. Although this result was unexpected, we acknowledge the Court’s ruling and remain wholly dedicated to adhering to all legal and regulatory requirements.
Our primary… pic.twitter.com/jrXFFwnMBA
— WazirX: India Ka BTC Trading platform (@WazirXIndia) June 4, 2025
Interestingly, the courts had previously approved WazirX’s restructuring strategy in January as the company sought to avoid liquidation after suffering a $230 million breach by the North Korean Lazarus Group. WazirX’s proposal included a process for creditors to vote on the acceptance of its terms, ensuring payments within 10 business days post-activation.
Now, with the timeline for creditor reimbursements again uncertain, if the restructuring does not succeed, WazirX may face liquidation under Section 301 of the Singapore Companies Act, resulting in the liquidation of the company’s remaining assets.
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Zensui Will Distribute WazirX Recovery Tokens
Zettai established Zensui, its subsidiary, in Panama on March 10, 2025, and will have it assume operational control moving forward. They have finalized the arrangement to shift Zettai’s operations to the new entity, and upon execution, Zensui will receive its cryptocurrency services within two to three business days.
Moreover, Zensui will manage the issuance of WazirX’s recovery tokens as part of the company’s compensation framework for individuals affected by the exploit. Additionally, the company has made it clear that it does not intend to acquire a license to continue operations in Singapore or to register with India’s Financial Intelligence Unit.
The recovery tokens distributed by Zensui are anticipated to function as an on-chain IOU (I owe you). They are designed to be minted for each creditor of the exchange and symbolize the outstanding claims not addressed by the initial distribution.
Furthermore, it also acts as a mechanism to monitor users’ remaining balances. Coin holders will receive periodic distributions financed by WazirX’s profits and recovered assets.
Moreover, creditors predominantly supported WazirX’s post-hack restructuring initiative, with more than 90% of the voting creditors endorsing the plan. WazirX has indicated that the tokens could potentially restore 75% to 80% of users’ account balances at the time of the breach.
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Key Takeaways
- Zettai, the parent company of WazirX, is relocating from Singapore to Panama
- The refusal of WazirX’s restructuring plan by local courts may lead to delays in payment rollouts
- Zensui will issue recovery tokens as part of the compensation plan for those impacted by the vulnerability breach
The post WazirX Relocates to Panama Following Court Rejection of Restructuring Plan: Explore Best Crypto to Buy! appeared first on 99Bitcoins.
