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WazirX Relocates to Panama Following Court Rejection of Restructuring Plan: Explore Best Crypto to Buy!
- Singapore-based WazirX is relocating to Panama after local courts rejected its restructuring plan following a $230 million hack by the North Korean Lazarus Group.
- Zettai, WazirX's parent company, has incorporated a subsidiary in Panama named Zensui Corporation to handle the operations of the cryptocurrency-related services.
- WazirX will issue recovery tokens through Zensui as part of its compensation strategy for those impacted by the hack.
- The company's restructuring plan was initially approved in January but faced rejection, leading to uncertainty in creditor repayment timelines.
- If the restructuring fails, WazirX may face liquidation under the Singapore Companies Act.
- Zensui will manage the transition of Zettai's operations and will not seek licenses to continue in Singapore or register with India's Financial Intelligence Unit.
- The recovery tokens are expected to function as on-chain IOUs, tracking remaining balances and enabling periodic distributions funded by profits and recovered assets.
- More than 90% of voting creditors supported WazirX's post-hack restructuring plan, aiming to restore 75% to 80% of users' account balances at the time of the hack.
- In the crypto market, SOLAXY, a Solana-based project aimed at improving the network's weak points, is gaining momentum with a presale, attracting over $44 million in funds.
- This project, offering tokens at $0.001746 each, combines fundamental strength with meme culture appeal, making it a promising investment opportunity.
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