Zipmex Gets Over 3 Months Creditor Protection In Singapore

After filing for bankruptcy in July, the city-High state’s Court granted Zipmex protection until December 2 to give the exchange time to come up with a financial plan.

According to Bloomberg News, Singapore’s High Court granted struggling cryptocurrency exchange Zipmex more than three months of creditor protection so it may find a funding strategy.

According to the newspaper, the company filed for bankruptcy and froze withdrawals in July and will be protected from creditor litigation until December 2.

Morgan Lewis Stamford, Zipmex’s solicitors, requested six months of protection across the exchange’s five businesses covering Singapore, Thailand, Indonesia, and Australia at the time.

The company claimed in an Aug. 2 release that company is “exploring multiple avenues” for funding. It stated that it had accelerated due diligence following signing a memorandum of understanding (MOU) with two investors.

Zipmex is one of the numerous crypto firms that have filed for bankruptcy in the last two months, including Celsius Network and Voyager Digital, as well as Singapore-based hedge fund Three Arrows Capital. The company loaned $48 million to Babel Finance and $5 million to Celsius, failing to repay their loans.

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