US EditionWazirX News: Singapore Court Declines Payout Plan, Creditors to Remain in Limbo
- On June 4, the Singapore judiciary rejected WazirX's proposed restructuring scheme, causing delays in creditor repayments and the retrieval of user funds.
- This decision followed confusion about why Zanmai Labs, an India-registered entity linked to WazirX, was not registered under India's Financial Intelligence Unit.
- WazirX aims to recover user funds after a $230 million hack in July 2024 but now faces uncertainty as its restructuring is stalled and liquidation risks rise.
- WazirX announced that the Singapore High Court has rejected their plan for restructuring, and they have expressed their acceptance of this ruling.
- The exchange plans to appeal the ruling while preparing to relocate its operations and rebrand as Zensui in Panama, seeking a more flexible regulatory environment.
16 Articles
16 Articles
World News
The Hindu Business LineSingapore HC rejects WazirX’s restructuring plan
WazirX reportedly moving operations to Panama after Singapore court declined restructuring plan ...
Singapore Court Blocks WazirX Parent Zettai’s Restructuring Bid!
Nearly a year after an alleged cyber robbery that resulted in the loss of $235 million in virtual digital assets, the Singapore High Court (HC) on 5 June dismissed the planned restructuring plan of WazirX's parent company, dealing a serious blow to cryptocurrency traders on the exchange platform.The parent business Zettai's plan of arrangement was revoked just weeks after Zensui Corporation, a subsidiary, was established in Panama. According to …
WazirX Rebrands Zensui; Relocates to Panama Amid Crackdown
The post WazirX Rebrands Zensui; Relocates to Panama Amid Crackdown appeared on BitcoinEthereumNews.com. WazirX has rebranded to Zensui and moved its main base of operations to Panama. The company’s shift follows ongoing recovery efforts after a $230 million platform hack. Zensui’s transition aims to support uninterrupted service and future business growth. WazirX, a major Indian cryptocurrency exchange, has rebranded as Zensui and shifted its p…
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