Overview

• The Singapore High Court on June 4 declined to approve WazirX’s court-supervised restructuring scheme despite securing support from over 75% of its creditors.
• WazirX announced plans to appeal the court’s rejection and continues evaluating legal options to commence reimbursements to affected users.
• Zensui Corporation was incorporated in Panama on March 10 to serve as the new vehicle for WazirX’s crypto-related services under parent Zettai Pte.
• The exchange’s relocation move aims to sidestep the Financial Services and Markets Act, 2022, which imposes tougher licensing rules on crypto firms in Singapore starting June 30.
• WazirX has so far recovered $3 million from last July’s $235 million cyberattack and remains committed to distributing remaining assets once legal hurdles clear.