WazirX customers affected by the 2023 breach could receive part of their lost funds soon. The Singapore High Court is now assessing a new repayment proposal.
After rejecting the initial plan, the court gave the company additional time to submit a revised version. The outcome of that review is expected within days.
WazirX’s earlier compensation strategy was dismissed following questions about its viability. That plan had promised returns but lacked structure and clarity.
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Company Restructures and Relocation Under New Identity
According to recent filings, WazirX is preparing to change its corporate identity and move base operations. The exchange plans to rebrand as Zensui and shift from Singapore to Panama.
Company representatives argue that this relocation is essential for business survival after financial setbacks. The transfer follows increased pressure toward management decisions made by the platform.
In the new proposal, users will only get some of the lost funds. The precise sum and mechanism have not been revealed yet.
The parties who accept this payout might be obligated to renounce their rights to future litigation. Such a state has raised many eyebrows among stricken account holders.
Unresolved Questions and User Uncertainty
Millions of users are still waiting for clarity on how much they will be refunded. The lack of information continues to frustrate customers seeking transparency.
Besides financial concerns, the platform’s credibility remains under pressure. The sudden dramatic move to Panama and previous licensing problems in Singapore have increased the mistrust.
According to the company, the only option it wants to restart under the new name is bankruptcy. Meanwhile, more than 4.4 million disappointed users hope the next judicial decision will at least partially alleviate the situation.
Legal observers are waiting closely to see the court’s reaction to the latest proposal. This shall determine whether or not WazirX will continue with its restructuring plans and the recovery of the partial funds.
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