Singapore Court Rejects WazirX Restructuring Plan as Parent Firm Shifts to Panama

The Singapore High Court has denied Zettai, parent company of crypto exchange WazirX, its moratorium application aimed at restructuring and redistributing funds to users impacted by a $234 million hack in 2024. The court highlighted WazirX's lack of transparency in its operations.

Zettai disclosed during proceedings that it had established a new entity in Panama under the rebranded name Zensui in March 2025. Despite the setback, WazirX plans to appeal the decision, emphasizing its commitment to legal compliance and user fund distributions.

Counsel for affected users, Sonu Jain, noted the court's dismissal underscores growing judicial scrutiny of crypto exchanges' accountability measures. The case marks another chapter in the ongoing tension between regulatory oversight and crypto industry practices.