WRX Token Price Plunges 39% as WazirX Shifts to Panama

05 Jun, 2025

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Expertise : Crypto News & Market Analysis, Content Strategy & SEO Writing

Pooja Khardia is a seasoned crypto content writer with 6+ years of experience in writing, including in blockchain, cryptocurrency, DeFi, and digital finance reporting. In her adventure journey, she is currently working with CoinGape Media and leading their Trending Section. Here, she uses her expertise to deliver analytics, market insights, price predictions, and information on what’s trending in the crypto space, aiming to keep the crypto and web3 community updated with market trends and important insights. Known for a user-centric and straightforward writing style, Pooja is passionate about making crypto easy and accessible. Her writing blends market research with storytelling, helping readers stay ahead in a fast-paced industry. When not behind the keyboard, Pooja embraces her creative side through drawing and crafting. Connect with Pooja on LinkedIn or X.

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WRX 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.

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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.

Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.

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Frequently Asked Questions (FAQs)

1. Why is the WRX token price crashing?

The WRX token price has crashed 39% today due to investors' backlash over the restructuring rejection and the exchange’s relocation to Panama.

2. Why did WazirX move to Panama?

WazirX reportedly moved to Panama to escape high regulatory pressure in Singapore, where unlicensed cryptos were being banned.

3. When will WazirX users be compensated?

It is uncertain when the WazirX users will be compensated, as the Singapore court rejected the restructuring plan.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.