What happened?
The Singapore High Court has turned down the moratorium request by Zettai, the parent company of WazirX, which sought to restructure and distribute funds after a major hack. Despite the court’s rejection, WazirX plans to appeal the decision. In the meantime, Zettai revealed they moved to Panama and rebranded as Zensui in March.
Who does this affect?
This situation primarily affects the users of WazirX who were impacted by last year’s $234 million hack. It also affects stakeholders and employees of WazirX and Zettai involved in the restructuring process. Regulatory bodies in Singapore are also concerned as Zettai is no longer registered in Singapore or India.
Why does this matter?
The court’s decision can significantly impact the cryptocurrency market, particularly affecting investor confidence in WazirX and other similar exchanges. With regulatory pressures increasing and potential litigations in India, the market may see increased volatility around cryptocurrencies connected to WazirX. The move to rebrand and relocate adds complexity and uncertainty, possibly influencing other exchanges to rethink their operational strategies globally.