WazirX's Recovery Plan Crushed by Singapore High Court, Creditors Cry Foul

Hang onto your hats, folks! WazirX, the Indian crypto exchange that's been through the wringer, just got smacked down by the Singapore High Court. Their recovery plan? Tossed out the window.

Straight from the horse's mouth, WazirX announced that the Singapore High Court straight-up declined their proposed restructuring plan. This is a brutal blow for the exchange, which has been struggling to pick itself up after a gut-wrenching $230 million hack in July 2024. Talk about a rough ride!

"The Honourable Singapore High Court issued an order declining to approve our proposed restructuring plan," the exchange lamented, clearly bummed out by the decision.

But hold on, WazirX isn't throwing in the towel just yet. They're telling creditors to chill, promising that they're still committed to paying out and are looking into other legal moves, including appealing the Court's decision. They swear up and down that the assets are safe and sound, assuring their long list of creditors that they're working on a fix.

But let's be real, those assurances aren't doing much to calm the storm. Creditors are pissed and they're not holding back on social media, throwing out some serious accusations.

Community claps back with fresh WazirX 'scam' accusations

Creditors are spitting fire over WazirX's latest update, fuming about the months-long wait since the promised distribution timeline of February 2025. Many are calling BS, claiming that the exchange is just using legal drama as a smoke screen to dodge paying back users. "This isn't a delay. It's a scam wrapped in court drama," blasted one furious Netti Mittal, summing up the community's rage.

Others are piling on, suggesting that the restructuring plan got shot down because the judge smelled something fishy with WazirX and its execs, pointing to a lack of transparency and possible shady dealings.

If WazirX hadn't tried to pull the wool over the Singapore court's eyes, their scheme might've been approved. But nope, they got caught red-handed trying to fool the court. That's why it was rejected, so if you're looking to point fingers, aim them at the WazirX team.

And if that wasn't enough, WazirX is now making a sneaky move from Singapore to Panama under a new name, 'Zensui.' Legal docs spilled the beans: "Zettai has taken steps to incorporate a subsidiary, Zensui Corporation [...] in the Republic of Panama, and has been preparing for the transfer of the Platform's cryptocurrency-related services to Zensui."

People are seeing right through this, calling it a slick escape plan. Many are accusing WazirX of using this as a shady move to duck out on repaying creditors for the allegedly 'stolen' funds. The heat's on, with calls for Indian authorities to step up and take legal action, including demands to arrest WazirX's CEO Nischal Shetty.

Once a SCAMMER, always a SCAMMER 🤷🏻 This is how they fool 🇮🇳 Indian crypto users !! From Zettai to Zensui From Singapore 🇸🇬 to Panama 🇵🇦 Singapore banned unlicensed #Crypto companies. So #WazirX ran away 🫠 New name, new country, same drama, same scammer ! Arrest Nischal Shetty