5 June 2025 – Crypto exchange WazirX is once again in big trouble. Its own token WRX has suddenly fallen by 39%. This decline happened when the company informed that its parent company Zettai is now leaving Singapore and going to Panama and now its new name will be Zensui Corporation.
Along with this,In a statement released Wednesday on June 4, the Singapore court rejected WazirX’s plan to return the funds and improve the company. This has spread even more fear and confusion among the people.
It all started from July 2024 when WazirX suffered a major cyber attack. This attack was carried out by North Korea’s Lazarus Group and it caused a loss of more than $230 million (about Rs 1900 crore). About 44 lakh users were affected by this attack. After this, the company stopped its work and gave a new plan to the Singapore court so that it could start again.
In April 2025, the company had told that 93% of the creditors had approved this plan. But the court rejected it saying that transparency i.e. clear information was not given in it.
Now Zettai has decided to go to Panama because the rules for crypto are a little easier there. On the other hand, the Singapore government has ordered unlicensed crypto companies to stop working by June 30. Also, WazirX has not taken any license in India either. Due to this, many users are suspecting that the company is trying to avoid accountability.
One user wrote on X (formerly Twitter): “WazirX going to Panama seems like an escape. What will happen to our money? There is no answer. Now the name of the company has also changed. This all seems very fishy.”
Zensui has said that it will give recovery token to the users, which will cover their losses. But no information has been given on when this token will be available, who will get it and what will be its price. This has made the users more upset.
The huge fall in the WRX token makes it clear that people are no longer able to trust WazirX. Earlier it was one of the big crypto companies in India, but now its condition is getting worse.
Crypto expert Ankit Sharma says: “The biggest problem with WazirX is that it is not telling anything clearly. Going to Panama can buy time, but until people get their money back, trust will not be restored.”
Now Zensui is preparing to bring its new plan, but people in the crypto world are very skeptical. The next few weeks will decide whether WazirX will be able to rise again or go down even further.
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