WazirX has just taken a brutal hit. Its native token, WRX, crashed by almost 39% in 24 hours, now trading at just $0.02079.
The market cap slipped to $7.94 million, while 24-hour trading volume jumped 127% to $379.39K, not because of demand, but because of panic selling.
The fall came after a fresh wave of uncertainty hit users. On June 4, WazirX revealed that its parent company, Zettai, is shifting operations to Panama. The move follows a Singapore court’s rejection of its restructuring plan during a May 13 hearing.
With no approval in hand, Zettai is now setting up a new Panama-based entity called Zensui Corporation, which will handle the crypto exchange’s operations going forward.
This news has shattered what little hope was left. It’s been 11 months since the WazirX hack in July 2024, which left over 4.4 million users locked out of their funds. Since the hack, there’s been no real progress, just court delays, vague updates, and shifting plans.
The Singapore court had extended WazirX’s moratorium until June 6, which gave users a bit of hope. But now, with Zettai moving operations to Panama, that hope is quickly fading. Users are once again left confused and in the dark.
The crash in WRX’s price has only made things worse. For many, even though their funds were stuck, holding onto the token felt like the last bit of value they had. However, the token’s recent sharp decline has erased even that sliver of security. People are losing not just their access to funds but also faith in what’s left of the platform.
After nearly a year of complete silence, they are suddenly moving all their assets to a different country. No clarity, no answers, just more confusion. At this point, no one really knows what’s going on.
For people who genuinely trusted WazirX and kept their money there, this isn’t just about the price falling. It feels like getting punched in the gut.
Also Read: Rise and Fall of WazirX: Mapping India’s Biggest Crypto Hack
