WazirX Faces Legal Setbacks as WRX Token Price Plummets 39%
WazirX, once a leading crypto exchange in India, is facing significant challenges following a $235 million hack attributed to the Lazarus Group. Recent developments include:
- A 39% drop in WRX token price, reaching a low of $0.00923 before rebounding to $0.02113.
- The Singapore High Court rejected WazirX's restructuring plan due to transparency issues with its parent company Zettai Pte Ltd and the establishment of a new entity in Panama, Zensui.
- This dismissal halts any plans for refunding users, initially set for June, and raises doubts about the future of asset recovery.
- WazirX has relocated to Panama amid criticism from users, leaving over 4.4 million investors uncertain about their rights.
- Lack of communication from WazirX leadership has fueled frustration among investors, prompting calls for mass sell-offs of WRX tokens.
- WazirX plans to appeal the court ruling and initiate asset distribution, although trust has significantly eroded among users.
- If WazirX fails to present a revised plan, it could face liquidation under Singapore law, risking user recoveries.
Current market capitalization for WRX stands at approximately $8 million.