Eqonex Group Files For Judicial Administration Protection In Singapore Court
The company said in a separate US regulatory statement that the court petition was made by regulations for bankruptcy, reorganization, and dissolution.
Eqonex’s Hong Kong units, Diginex Ltd. and Eqonex Capital Pte. Ltd., are in the process of being placed into voluntary liquidation. In addition to negotiating with Bifinity to extend a loan arrangement, Eqonex has been in talks with possible investors to secure equity funding through the issue of additional shares.
The insolvency proceedings did not involve Digivault Ltd. or Bletchley Park Asset Management of the group. Eqonex Group stated in the regulatory statement that Digivault would start a controlled voluntary wind-down with the goal of locating an alternative solution.
The difficulties facing Eqonex Group are part of a larger crypto industry reckoning. One of the names that have recently experienced a crisis is FTX, Genesis.
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