😱 WazirX in Meltdown: Repayment Plan Blocked, Legal Trouble Mounts & Users Left Hanging! 🧨💸
Crypto exchange WazirX, once a giant in India’s crypto scene, is now grappling with a major legal blow. The Singapore High Court has rejected its restructuring plan, which was designed to help the platform recover from a massive $230 million hack in July 2024, reportedly linked to North Korea’s infamous Lazarus Group. The plan had broad support — over 93% of creditors voted in favor — but the court’s decision has now pushed repayment efforts into uncertainty. 😓
WazirX’s original proposal included distributing recovered funds, launching a new decentralized exchange (DEX), and offering recovery tokens to affected users. It even promised to restart trading within 10 business days of court approval. But with the plan blocked, users are once again left in limbo, as timelines vanish and legal hurdles pile up. 🧾🚫
In a dramatic turn, WazirX is now relocating to Panama under a new company named Zensui Corporation. This bold move, revealed through redacted legal documents sent to users, suggests a strategic retreat from Singapore’s regulatory grip. The goal? Regain flexibility and continue operations under a different jurisdiction. But the shift has sparked even more questions about transparency and user trust. 🌪️📉
Adding to the chaos, WazirX now faces the threat of forced liquidation under Singapore’s Companies Act. If this happens, all remaining assets could be sold off at fire-sale prices, drastically reducing any potential payouts to users. The exchange insists it’s still committed to compliance and plans to explore legal options — possibly including an appeal — to salvage what’s left. ⚖️💥
Once seen as a market leader, WazirX is now under fire for poor communication, limited progress on asset recovery, and a near-silent presence on social media. This latest setback has left users anxious and angry, as the platform fights to survive one of the worst crises in its history. Whether its move to Panama will be a fresh start or a final chapter remains to be seen. 🕳️📉
#WazirX #Panama #exchange $BTC