Indian cryptocurrency exchange WazirX has officially relocated its operations from Singapore to Panama following a Singapore court ruling related to a massive cyberattack it suffered in 2024. The decision comes months after the exchange was hit by one of the biggest hacks in crypto history.
What Happened?
In July 2024, WazirX suffered a significant security breach, resulting in a loss of over $235 million. Hackers believed to be linked to North Korea’s Lazarus Group managed to exploit weaknesses in the exchange’s system, draining nearly half of the users’ assets. The attack forced the company to suspend trading and withdrawals, leaving thousands of users unable to access their funds.
To manage the situation, WazirX’s parent company, Zettai PTE LTD, turned to Singapore’s legal system. The court granted them a four-month moratorium. This legal pause was meant to give the company time to create a recovery plan without facing immediate legal action from creditors or customers. The court also set strict rules, including complete financial transparency and independent oversight.
Panama Offers New Hope for Recovery
Despite getting temporary legal relief, operating in Singapore proved too complex and slow for WazirX to fully implement its recovery strategies. In early 2025, the company announced it was shifting its base to Panama. According to WazirX, Panama offers a more flexible regulatory environment, allowing the company to focus on rebuilding its services and repaying users.
As part of its new recovery plan, WazirX will issue recovery tokens to affected users. These tokens will be linked to the company’s future profits. WazirX has also promised a buyback program over the next three years and plans to launch a decentralized exchange.
They are also actively exploring every legal option with their legal and advisory teams and intend to challenge the Singapore High Court’s ruling through an appeal.
The move to Panama signals WazirX’s commitment to surviving the crisis and restoring trust. While challenges remain, especially in compensating users and rebuilding its image, the company hopes this fresh start will help it bounce back in the competitive world of cryptocurrency.
