The Wazir Indian crypto-rope with a headquarters in Singapore announced that she would be rebranded and move to Panama, as local courts refused to approve the plan for the restructuring of the exchange.

According to the legal documents, Wazirx, the Maternal company Zettai has already taken steps to create a subsidiary of Zensui Corporation in the Republic of Panama. This company was registered in Panama on March 10. Now Zettai is preparing to transfer its cryptocurrency services in Zensui – an agreement has already been drawn up, which is ready for execution. It is expected that this will happen within two to three business days.

Zensui will also be responsible for the release of Wazirx recovery tokens. These tokens will act as a debt receipt that Wazirx plans to release for each lender of the exchange, which suffered from a hacker attack in July 2024. As a result of this attack from the platform, cryptoactives were stolen for $ 235 million. Tokens should be distributed in proportion to stolen cryptoactures. The exchange promised to periodically redeem these recovery tokens due to profit from operations.

In April, more than 90% of WAZIRX creditors supported this plan to restructure the platform. According to the WAZIRX leadership, recovery tokens should cover 75% -80% of user balance at the time of hacking the exchange.

The decision to move Wazirx to Panama was also made due to the fact that recently the Central Bank of Singapore ordered local suppliers of crypto services until June 30 to get a license or stop activities. However, Zettai said she was not going to apply for a license to continue working in Singapore and will not be registered in the Indian financial intelligence unit (FIU), despite the service of Indian customers.

The founder of Jalaj719 Consultants Jalaj Jain suggested that in this case, WAZIRX may have normative problems in India, which may prevent the exchange performing internal operations. However, the lawyer agreed that it was too early to draw final conclusions in the absence of clear instructions from Indian regulators.

Last year, the High Court of Delhi ordered a new Wazirx hacking investigation due to lack of evidence. Earlier it was assumed that North Korean hackers could be involved in hacking.