NewsletterWRX Token Price Plunges 39% as WazirX Shifts to Panama
Highlights
- WazirX’s $235M hack aftermath worsens, WRX token price crash 39% today.
- The Singapore court has rejected WazirX’s restructuring plan due to a lack of transparency and secret relocation to Panama.
- WazirX token price hit a new all-time high as users accuse it of evading regulations and abandoning victims.
After suffering a $235M hack nearly a year ago, the WRX token price is at its worst performance since its launch. The popular Indian-focused crypto exchange WazirX became the victim of North Korea’s Lazarus Group and is now facing certain setbacks as the Singapore court rejected its restructuring plan. Amid this, they have quietly shifted their bases to Panama, disappointing investors. Let’s discuss.
WazirX Rebrand & Relocates to Panama, Crashing WRX Token Price
The Singapore court rejected WazirX’s restructuring, citing transparency issues with its parent company, Zettai Pte Ltd. The plan also aimed to compensate 85% of the affected users. Still, the court dismissed it due to WazirX’s failure to disclose details, including registering a new company, Zensui, in Panama. As a result of these events, the WRX token price crashed 39% today.
The once popular crypto exchange allegedly made this shifting decision due to mounting regulatory pressure in Singapore, but promises to compensate users via recovery tokens. Despite these promises, the WazirX token price hit an all-time low of $0.00923, currently trading at $0.02248 with a market capitalization of $8.58M.
Besides, its trading volume is at $392.88K, up 133%, signaling investor selling activities.
Investors Revolt Against The WRX Token, Pushing It to Crash
In WazirX’s official social media post, the exchange claimed that they would appeal the ruling and begin distribution soon. However, investors’ trust in their claims is lacking, as they question the exchange’s move from India to Singapore and now to Panama.
#WazirX just changed its name to #ZENSUI and moved from Singapore 🇸🇬 to Panama 🇵🇦.
👉 Singapore banned unlicensed #Crypto companies.
👉 WazirX didn’t want a license… so they moved.🤚 They tried asking the court for more time to pay debts, got denied.
So now it’s: new name,… pic.twitter.com/bg6YUNiADG— Engineer PD (@engineerpdcrypt) June 4, 2025
Besides this, restructuring was supposed to happen in February 2025, but it is still far from happening, affecting the victims and the WRX token price.
In bulk, investors have posted against the exchange and their native token, requesting others to crash WRX. Moreover, the high selling activity clearly explains the insurrection revolt.
Frequently Asked Questions (FAQs)
1. Why is the WRX token price crashing?
2. Why did WazirX move to Panama?
3. When will WazirX users be compensated?
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