Creditcoin (ctc) 
The embattled cryptocurrency exchange WazirX has encountered yet another obstacle as the Singapore High Court recently rejected its proposed restructuring plan. This decision marks a significant setback for the exchange, which has been struggling to recover following a massive $230 million hack in July 2024.
Singapore High Court Rejects WazirX Restructuring Plan
In a public announcement, WazirX expressed its disappointment with the court’s decision, stating, “The Honourable Singapore High Court issued an order declining to approve our proposed restructuring plan.” Despite this ruling, the exchange assured its creditors that it remains determined to facilitate distributions and is exploring additional legal options, including a potential appeal.
WazirX also emphasized that user assets remain secure, attempting to assure its creditors that a resolution is being worked on. However, these reassurances have done little to pacify the growing frustration among users and creditors.
Community Outrage Over Delayed Payments
Many creditors have taken to social media to express their dissatisfaction with WazirX’s handling of the situation. Frustrations stem largely from the delayed distribution timeline, which was originally promised for February 2025. Critics argue that the company is using legal challenges as an excuse to avoid repaying users.
“This isn’t a delay. It’s a scam wrapped in court drama,” said one frustrated user, reflecting the broader sentiment within the community.
Others have speculated that the Singapore High Court’s decision to reject the restructuring plan was influenced by concerns over a lack of transparency and potential deceptive practices by WazirX’s management team.
Allegations of Misconduct
Some community members have accused WazirX of withholding critical information from the court. One user commented, “If WazirX didn’t hide info from the Singapore court, the scheme would have been approved. But they silently had a plan to fool the court and got caught. That’s why it was rejected.”
WazirX Rebrands and Relocates Amid Controversy
Adding to the controversy is WazirX’s recent decision to relocate its operations from Singapore to Panama under a new name, ‘Zensui.’ Legal documents revealed that “Zettai has taken steps to incorporate a subsidiary, Zensui Corporation […] in the Republic of Panama, and has been preparing for the transfer of the operations of the platform’s cryptocurrency-related services to Zensui.”
This move has sparked further outrage within the crypto community, with many interpreting it as an attempt to evade legal accountability. Critics have accused WazirX of using the rebranding and relocation as a strategy to avoid repaying creditors and escaping regulatory scrutiny.
“Once a scammer, always a scammer. From Zettai to Zensui, from Singapore to Panama—new name, new country, same drama,” wrote one disgruntled user, calling for legal action against the exchange’s CEO, Nischal Shetty.
Calls for Legal Action
As frustration mounts, many are urging Indian authorities to intervene. Social media has been flooded with demands for an investigation into WazirX’s activities, with some users calling for the arrest of its leadership team. The exchange’s credibility appears to be at its lowest point, with accusations of fraud and mismanagement dominating the narrative.
The situation continues to develop, leaving creditors, investors, and the broader cryptocurrency community closely monitoring WazirX’s next moves. This ongoing controversy serves as a cautionary tale about the importance of transparency and trust in the volatile world of cryptocurrency.
