After $235M Hack and Singapore Court Rejection, WazirX Relocates Operations to Panama

WazirX, which used to be India’s largest cryptocurrency exchange, had a big problem when it was hacked in July 2024, losing $235 million—about 45% of its crypto holdings. Based in Singapore, the company proposed a plan to pay back users, aiming to recover up to 85% of the lost funds. However, on June 4, 2025, the Singapore High Court rejected this plan because it wasn’t clear enough, even though 93% of creditors supported it. After this setback, WazirX moved its parent company, Zettai, to Panama and changed its name to Zensui.

The Relocation

The move to Panama appears driven by Singapore’s updated regulations, which prohibit unlicensed crypto services abroad. Panama has crypto-friendly laws, giving clear legal rules for digital assets, which likely influenced WazirX’s decision. Reports show that Zettai, the parent company, has been preparing to shift its operations to Zensui to keep things running smoothly, but details about this transition are still coming out. The relocation has sparked debate on X post, “Justice must not be outsourced; it must be delivered at home.” These reactions highlight the controversy surrounding WazirX’s move and its implications for user trust.

Detailed Analysis of WazirX’s Relocation to Panama

This section provides a comprehensive examination of WazirX’s recent relocation to Panama, following a $235 million hack and the Singapore High Court’s rejection of its restructuring plan. The analysis covers the background, legal context, relocation details, influencer opinions, and broader implications, ensuring a thorough understanding for readers interested in the crypto industry’s dynamics.

Background and Context

WazirX, previously India’s top-rated cryptocurrency exchange, experienced a significant security breach in July 2024, with a hack linked to North Korea, resulting in a loss of approximately $235 million, or nearly 45% of its crypto holdings. Following the court’s decision, WazirX announced its relocation to Panama, with its parent company, Zettai, rebranding to Zensui. This move appears to be a strategic response to Singapore’s updated regulations, which prohibit unlicensed crypto firms from offering services overseas, effectively tightening the regulatory noose around WazirX.

Read More: WazirX’s Road to Recovery: A New Chapter After the $230M Hack

Influencer and Community Reactions

The relocation has elicited strong reactions from the crypto community, with opinions split between strategic necessity and evasion of accountability. Crypto influencer in an X post , criticized the move, stating, “This isn’t a fresh start, it’s a cover-up. A company under fire doesn’t get to just rename itself and walk away. Crypto doesn’t need cowards hiding in tax havens. It needs accountability.” His comments reflect a broader sentiment of distrust, accusing WazirX of using the rebrand to escape scrutiny.

Romy Johnson, a victim of the WazirX hack and an advocate for crypto justice in India, offered a different perspective. She welcomed the Singapore court’s decision, calling it a “moral reckoning,” and urged India to regulate cryptocurrencies, stating, “The Singapore Court’s dismissal of Zettai’s application is not just a legal victory but a moral reckoning as well. This is a monumental win for every Indian who was misled, manipulated, and robbed by these so-called crypto custodians. India must take note, while foreign courts deliver justice, our own regulatory vacuum enables fraud. The time to regulate cryptocurrencies in India is not tomorrow but today. Justice must not be outsourced; it must be delivered at home.” Her stance highlights the need for domestic regulatory frameworks to protect users.

Sumit Gupta, the founder of CoinDCX, also weighed in on the situation, emphasizing the need for Indian regulations. In an X post on June 4, 2025, he stated, “What is happening with WazirX is unfortunate. It highlights why India urgently needs crypto regulations that protect users and raise the bar for crypto businesses in India. At @CoinDCX, we operate 100% under Indian laws, with best-in-class security & full legal accountability”. This comment reflects CoinDCX’s commitment to operating within Indian legal frameworks.

Other community reactions, as seen on X, include calling the move a “disgrace” and urging Indian authorities to act, and  sarcastically congratulating Nischal Shetty, WazirX’s founder, while labeling Panama a “heaven for shell companies”. These reactions underscore the controversy and the polarized views within the crypto space.

Implications for Users and the Crypto Industry

For WazirX’s users, the relocation raises significant concerns about asset security and compensation for the hack. The failed restructuring plan meant users would not receive the promised recovery of up to 85% of their lost tokens through the original mechanism, leaving many in limbo. The move to Panama, while potentially offering a fresh start, also questions WazirX’s commitment to accountability, especially given the criticisms from influencers.

Broader implications include the challenges crypto exchanges face in navigating global regulatory landscapes. This case highlights the need for consistent regulations to protect users and ensure market stability. It also sparks discussions about the role of jurisdictions like Panama, which may attract exchanges seeking leniency, potentially at the cost of user trust and regulatory oversight.

Finally

WazirX’s move to Panama and name change to Zensui is a significant event. It comes with legal issues, regulatory pressures, and criticism from the community. Moving to a crypto-friendly place like Panama might help the company keep running smoothly, but it has raised questions about accountability and protecting users. This situation highlights the need for strong regulations as the crypto industry grows. It shows that balancing new ideas with trust is very important, and what happens next could affect both WazirX’s future and the overall regulatory environment.