The post WazirX News: Singapore Court Blocks $230M Repayment Plan, What Next? appeared first on Coinpedia Fintech News
India’s once-leading crypto exchange, WazirX, is facing fresh trouble after the Singapore High Court declined to approve its restructuring plan, throwing creditor repayments into indefinite uncertainty once again.
The 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’s decision and remain fully committed to complying with all legal and regulatory processes.
— WazirX: India Ka Bitcoin Exchange (@WazirXIndia) June 4, 2025
WazirX Repayment Hopes Dashed
The plan, which aimed to begin creditor payouts by April 2025, had previously received initial court approval in January following a devastating $230 million hack linked to North Korea’s Lazarus Group. WazirX had proposed a path to recovery that included launching a decentralized exchange (DEX), issuing recovery tokens, and buying back tokens to support liquidity. However, with the court’s recent decision, the repayment timeline has collapsed, leaving creditors in limbo.
WazirX Shifts Base to Panama
Following the Singapore court’s rejection of its restructuring plan, WazirX is now relocating operations to Panama and rebranding under a new entity. Recently, the exchange shared redacted legal documents with users via email, revealing that its parent company, Zettai, is setting up a subsidiary called Zensui Corporation in Panama. The move signals a strategic shift as WazirX attempts to reset its crypto services under a new jurisdiction, possibly to regain operational flexibility and distance itself from ongoing legal and financial challenges.
WazirX Rebrands as Zensui After Moving from Singapore to Panama
,
Legal Limbo and Risk of Liquidation
The Singapore court’s refusal now threatens to push WazirX into liquidation under Section 301 of the Companies Act. If that happens, remaining assets may be sold at fire-sale prices, resulting in significantly lower compensation for affected users. Despite the setback, WazirX said in a note to creditors that it remains committed to legal compliance and hopes to begin distributions “as soon as possible.”
From Market Leader to Crisis Mode
Once a dominant force in India’s crypto trading scene, WazirX’s credibility is in question due to poor communication, limited asset recovery, and an almost complete shutdown of user interaction on social media platforms. Moreover, this latest court ruling casts serious doubt over the platform’s future and signals deeper challenges for its path to redemption.
function subscribed_popupmodal(template_id) { var templateId = ‘6’; getAllSubscriberCategoryList([templateId]); var subcribemodal = window.parent.document.getElementById(‘subscribe-modal-design’); if (subcribemodal) { var modalContent = `
Never Miss a Beat in the Crypto World!
Stay informed and gain the edge you need to navigate the crypto world. Select your subscription now
if (storeCheckedId.length === 0) { var unsubcribedPopUpmodal =
`
You’ve Unsubscribed Successfully
We’re sorry to see you go! Your subscription has been canceled. If you change your mind, you can re-subscribe anytime. Thank you for being part of our community!
Thank you for subscribing to our crypto and blockchain newsletter! You’ll now receive the latest news, insights, and updates straight to your inbox. Welcome to our community!
`;
let selectedSubscriptionsArray = selectedSubscriptionsString.split(‘,’); let subscribedCategories = selectedSubscriptionsArray.map(subscription => subscription.split(‘_’)[0]); let subscribedCategoriesString = subscribedCategories.join(‘, ‘);
subscribedmodal.innerHTML = subscribedPopupModal; if (document.getElementById(‘selectidname’)) { document.getElementById(‘selectidname’).textContent = subscribedCategoriesString; }
function closeModal(template_id) { var modalId = template_id; var modal = document.querySelector(‘#’ + modalId); // Using querySelector to find the modal
// Function to get cookies function getCookie(name) { let value = “; ” + document.cookie; let parts = value.split(“; ” + name + “=”); if (parts.length == 2) return parts.pop().split(“;”).shift(); }
// Get user token from cookies const userToken = getCookie(‘user_token’);
if (subscribewithoutData === ‘true’ && userToken) { // Call the modal function with the category ID subscribed_popupmodal(subscribe_clicked_cat_id);
// Remove the flag and category ID from localStorage localStorage.removeItem(‘subscribe_without_Login’); localStorage.removeItem(‘subscribe_clicked_id’); } });
var listItems = document.querySelectorAll(‘.subscription-options li’); if (listItems.length === 0) return;
var anyActive = false; listItems.forEach(function(item) { var checkbox = item.querySelector(‘input[type=”checkbox”]’); if (checkbox) { if (checkbox.checked) { item.classList.add(‘active’); anyActive = true; // Set anyActive to true } else { item.classList.remove(‘active’); // Remove ‘active’ class if checkbox is unchecked } } });
}
function updateButtonText(anyActive) { var subscribeButtonSpan = document.querySelector(‘.subscribe-submit .changeBtnText’); if (subscribeButtonSpan) { if (anyActive) { subscribeButtonSpan.textContent=”Subscribe Now”; } else { subscribeButtonSpan.textContent=”Unsubscribe”; } } }
function updateSubscriptionButton() { var listItems = document.querySelectorAll(‘.subscription-options li’); if (listItems.length === 0) return;
var anyActive = false; listItems.forEach(function(item) { var checkbox = item.querySelector(‘input[type=”checkbox”]’); if (checkbox) { if (checkbox.checked) { item.classList.add(‘active’); anyActive = true; // Set anyActive to true } else { item.classList.remove(‘active’); // Remove ‘active’ class if checkbox is unchecked } } });
// Update the button text based on whether any list item has the ‘active’ class updateButtonText(anyActive); } document.addEventListener(‘click’, function(event) { var clickedItem = event.target.closest(‘.subscription-options li’); if (clickedItem) { var checkbox = clickedItem.querySelector(‘input[type=”checkbox”]’); if (checkbox) { checkbox.checked = !checkbox.checked; updateSubscriptionButton(); } } });
FAQs
What happened to WazirX?
WazirX lost $230 million in a hack; its parent company filed for moratorium to work on a repayment plan under Singapore law.
Will we get WazirX money back?
The parent company is working on a court-approved repayment plan, but full reimbursement depends on legal outcomes.
What happens to WazirX users after the rebrand to Zensui?
Users can still access services, but operations will be under Zensui. Regulatory and service changes may follow as updates roll out.