Zipmex secures three-month extension to creditor protection moratorium

Thailand-based cryptocurrency exchange Zipmex said that a Singapore court granted its request for creditor protection for three months, until 2 December. The Block.

The company had sought approval for six months. The decision covers Zipmex, Zipmex Asia, Zipmex Thailand, Zipmex Indonesia, and Zipmex Australia.

Earlier, a Singapore court delivered a similar verdict on the Vauld crypto-lending platform’s application.

As previously reported, Zipmex faced liquidity issues after problems at its partners — Babel Finance and Celsius Network. Their obligations amount to $5 млн и $48 млн respectively.

On July 20, the company paused withdrawals, citing “unstable market conditions and the resulting financial difficulties of key business partners”.

Zipmex partially resumed deposits and withdrawals.

The platform is weighing several recovery options, including raising capital, pursuing litigation, and restructuring.

Follow ForkLog’s bitcoin news on our Telegram — crypto news, prices and analysis.