After suffering a $235M hack nearly a year ago, the WRX token price is at its worst performance since its launch. The popular Indian-focused crypto exchange WazirX became the victim of North Korea’s Lazarus Group and is now facing certain setbacks as the Singapore court rejected its restructuring plan. Amid this, they have quietly shifted their bases to Panama, disappointing investors. Let’s discuss.
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The Singapore court rejected WazirX’s restructuring, citing transparency issues with its parent company, Zettai Pte Ltd. The plan also aimed to compensate 85% of the affected users. Still, the court dismissed it due to WazirX’s failure to disclose details, including registering a new company, Zensui, in Panama. As a result of these events, the WRX token price crashed 39% today.
The once popular crypto exchange allegedly made this shifting decision due to mounting regulatory pressure in Singapore, but promises to compensate users via recovery tokens. Despite these promises, the WazirX token price hit an all-time low of $0.00923, currently trading at $0.02248 with a market capitalization of $8.58M.
Besides, its trading volume is at $392.88K, up 133%, signaling investor selling activities.
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In WazirX’s official social media post, the exchange claimed that they would appeal the ruling and begin distribution soon. However, investors’ trust in their claims is lacking, as they question the exchange’s move from India to Singapore and now to Panama.
#WazirX just changed its name to #ZENSUI and moved from Singapore 🇸🇬 to Panama 🇵🇦.
👉 Singapore banned unlicensed #Crypto companies.
👉 WazirX didn’t want a license… so they moved.
🤚 They tried asking the court for more time to pay debts, got denied.
So now it’s: new name,… pic.twitter.com/bg6YUNiADG
— Engineer PD (@engineerpdcrypt) June 4, 2025
Besides this, restructuring was supposed to happen in February 2025, but it is still far from happening, affecting the victims and the WRX token price.
In bulk, investors have posted against the exchange and their native token, requesting others to crash WRX. Moreover, the high selling activity clearly explains the insurrection revolt.
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The WRX token price has crashed 39% today due to investors’ backlash over the restructuring rejection and the exchange’s relocation to Panama.
WazirX reportedly moved to Panama to escape high regulatory pressure in Singapore, where unlicensed cryptos were being banned.
It is uncertain when the WazirX users will be compensated, as the Singapore court rejected the restructuring plan.
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