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WazirX's native token, WRX, plummeted by nearly 39% in 24 hours, trading at $0.02079, following the announcement that its parent company, Zettai, is relocating operations to Panama. This move comes after a Singapore court rejected its restructuring plan, leaving 4.4 million users, locked out of funds since a July 2024 hack, in further uncertainty.
WRX Token Plummets Amidst Panic
The WRX token experienced a dramatic decline, crashing by almost 39% within 24 hours. This significant drop pushed its trading price down to $0.02079, with its market capitalization shrinking to $7.94 million. The 24-hour trading volume surged by 127% to $379.39K, primarily driven by widespread panic selling rather than genuine demand.
WazirX Parent Company Shifts to Panama
The sharp decline in WRX's value was triggered by the revelation that Zettai, WazirX's parent company, is moving its operations to Panama. This decision follows a Singapore court's rejection of Zettai's restructuring plan during a May 13 hearing. With no approval in hand, Zettai is establishing a new Panama-based entity, Zensui Corporation, to manage the crypto exchange's future operations.
Users Left in Limbo After Year-Long Ordeal
This latest development has extinguished any remaining hope for the 4.4 million users who have been locked out of their funds since the WazirX hack in July 2024. For nearly a year, users have faced:
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Court delays
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Vague updates
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Shifting plans
The Singapore court had extended WazirX's moratorium until June 6, offering a glimmer of hope, but the move to Panama has left users confused and in the dark once again. The crash in WRX's price has compounded their distress, as the token represented the last vestige of value for many. The lack of clarity and answers from WazirX has eroded user trust, leaving many feeling betrayed.
Sources
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WRX Crashes 39% as WazirX Runs to Panama, Users Left Behind, The Crypto Times.
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