Zipmex Requests Extension Of Creditor Protection While Awaiting Help Agreements

In light of a potential rescue plan, cryptocurrency exchange Zipmex has asked to extend its protection against creditors until next April.

It applied for protection from creditors in Singapore in July, and in August, it was extended. In a statement released today, it requested an extension of the protection through April 2 of next year.

Several cryptocurrency companies, like Zipmex, which has operations in Thailand, Singapore, Indonesia, and Australia, gave in to the bear market’s demands this year.

It made two $53 million loans to Celsius Network and Babel Finance, none of which has been returned. In July, Zipmex halted customer withdrawals due to market instability.

The exchange was allegedly on the verge of agreeing to a $100 million rescue plan with current investor V Ventures in exchange for a 90% ownership earlier this month.

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