Nikolas Sargeant
WazirX, an India-focused cryptocurrency exchange, has announced its departure from Singapore and the rebranding of its parent company to Zensui. This move follows a court's rejection of WazirX's restructuring plan, which was intended to address the aftermath of a significant cyberattack in July 2024. The attack, attributed to North Korea's Lazarus Group, resulted in the theft of approximately $234 million in user funds.
In response to the court's decision, WazirX has incorporated Zensui Corporation in Panama and is in the process of transferring its cryptocurrency-related services to this new entity. The transition is expected to be completed within two to three business days. Zensui will also oversee the issuance of recovery tokens, which are part of WazirX's plan to compensate users affected by the hack.
Despite serving a significant number of Indian customers, WazirX has stated that it does not intend to apply for a license to operate in Singapore or register with India's Financial Intelligence Unit. This decision underscores the company's strategic shift and its efforts to navigate the evolving regulatory landscape in the cryptocurrency sector.
The rebranding and relocation to Panama mark a new chapter for WazirX as it aims to recover from the cyberattack and continue serving its global user base. The company remains committed to repaying users and is working closely with authorities to recover the stolen assets.
