WazirX dey face court reject and hack wahala, dem move go Panama as regulatory change dey happen
WazirX, one big cryptocurrency exchange, dey under pressure afta say Singapore High Court no gree their $235 million restructuring plan—dis plan na im dem intend use pay back users afta one $230 million hack for July 2024. Dis weh dem reject am make user assets (wey include Bitcoin and Ethereum) lock finish and e make people dey fear for fund security and how di operation go run well. Dem dey face plenty regulatory pressure like Monetary Authority of Singapore talk say all crypto service providers gats stop serve foreign clients by June 30, 2025. Na why WazirX dey move their head office go Panama so dem fit get more operational flexibility. Operation now go dey managed by Zensui Corporation, one Zettai subsidiary, from Panama. WazirX don assure users say funds wey concern Non-Liquidated Pool Assets (NLPA) dey safe and dem dey put user fund distribution first. The exchange still dey run for Indian users even though dem never register with India’s Financial Intelligence Unit, dis one dey make people dey ask if dem dey follow law and how dem future for India go be. Failure of restructuring, asset lockdown, and regulatory waka fit cause more wahala and e fit reduce user trust for WazirX assets. Crypto traders suppose dey watch WazirX and the bigger regulatory change wey fit affect market confidence and how token price go move.
Bearish
Di successful restructuring wey dem try after one major hack, continuing asset lockdown, plus regulatory relocation dey together dey shake user confidence for WazirX and the tokens wey join body with am. Singapore High Court reject di compensation plan so user assets dey waka mountaion, na bad sign for investors. To move go Panama to try get regulatory relief fit make people dey worry about fund security and how dem dey run things. All these things go fit cause more wahala and price go dey fall for tokens wey join WazirX, at least for short and medium term, as traders go dey respond to regulatory and operational uncertainty.