Thai cryptocurrency exchange Zipmex has filed a petition with the Singapore court to protect itself from creditors. The moratorium will automatically enter into force for 30 days according to the country’s legislation.

On July 22, law firm Morgan Lewis Stamford filed five related filings on behalf of several exchange-related entities.

Top management plans to extend the moratorium to six months to prevent creditors from suing. A similar step was taken by the management of crypto lending platform Vauld ($402 million in debt).

The platform suffered a lack of liquidity following issues with its partners Babel Finance and Celsius Network. Their debts are $5 million and $48 million, respectively.

The moratoriums will give Zipmex Group the breathing room and time it needs to explore options to resolve the situation. Specifically, for a refund from Babel Finance. It is also necessary for the development of the restructuring plan and for attracting additional investments.” – said the company.

Exchange representatives reported that the unnamed parties showed interest in potential investments. They added that the negotiations are at an “advanced stage”.

Recall that on July 20, Zipmex suspended the withdrawal of funds, citing “unstable market conditions and consequent financial difficulties of key partners.”

A few days later, the platform partially resumed deposits and withdrawals.

Previously, Kaiko analysts allowed some cryptocurrency exchanges to go bankrupt due to non-local market conditions, declining client activity, and problems from a number of industry participants.

Read ForkLog bitcoin news in our Telegram – cryptocurrency news, courses and analysis.