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Zipmex extends moratorium on creditor protection

Thai cryptocurrency exchange Zipmex has announced that a Singapore court has sought protection from creditors for three months, until Dec. Blok writes about it.

The company was expected to receive approval for six months. The solution applies to Zipmex, Zipmex Asia, Zipmex Thailand, Zipmex Indonesia and Zipmex Australia.

Earlier, a Singapore court issued a similar ruling on the implementation of the Vauld crypto lending platform.

Recall that Zipmex faced a lack of liquidity after problems with its partners Babel Finance and Celsius Network. Their debts are $5 million and $48 million, respectively.

On July 20, the company suspended the withdrawal of funds due to “unstable market conditions and financial difficulties of key business partners”.

A few days later, Zipmex partially resumed deposits and withdrawals.

The platform is evaluating various recovery options, including fundraising, litigation and restructuring.

Source: Fork Log

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