Zipmex is seeking protection from potential claims or adverse actions for six months, citing “all efforts to focus on resolving the liquidity situation,” according to an announcement by the crypto exchange.
See related article: Zipmex targets raising US$50 mln to cover exposure to embattled crypto lenders
Fast facts
- On July 22, Morgan Lewis Stamford LLC, Zipmex’s solicitors in Singapore, filed applications under Section 64 of Singapore’s Insolvency, Restructuring, and Dissolution Act 2018 on behalf of five entities of the Zipmex Group, including branches in Thailand, Indonesia, and Australia, the statement said.
- Zipmex said potential solutions include pursuing recovery against Babel Finance, formulating a restructuring plan, and securing additional investment.
- Zipmex will hold a meeting of creditors on Friday afternoon local time, the announcement said.
- On July 24, Zipmex said it was in discussions with potential investors looking to acquire the company and that one of the stakeholders had offered to begin financial due diligence, which is usually the first step in an acquisition.
- On the evening of July 22 local time, Zipmex started to restore some withdrawals which had been suspended since July 20. However, users continue to be unable to trade, according to messages in its Telegram group.
See related article: Babel Finance says liquidity pressure eased with new debt agreements
- Bitcoin
- blockchain
- blockchain compliance
- blockchain conference
- coinbase
- coingenius
- Consensus
- crypto conference
- crypto mining
- cryptocurrency
- decentralized
- DeFi
- Digital Assets
- ethereum
- Forkast
- machine learning
- non fungible token
- plato
- plato ai
- Plato Data Intelligence
- Platoblockchain
- PlatoData
- platogaming
- Polygon
- proof of stake
- W3
- zephyrnet
- Zipmex
More from Forkast
The last 12 months the year to forget, says India’s WazirX crypto exchange
Source Node: 1783022
Time Stamp: Dec 22, 2022
Binance receives in-principal approval to operate in Kazakhstan
Source Node: 1625000
Time Stamp: Aug 15, 2022
Indonesia’s biggest tech firm buys local crypto exchange
Source Node: 1644979
Time Stamp: Aug 30, 2022
USDC issuer Circle attempts public listing again: report
Source Node: 2438457
Time Stamp: Jan 11, 2024
Bitcoin surpasses Visa’s market cap to be 11th largest asset in the world
Source Node: 1968692
Time Stamp: Feb 20, 2023
Hong Kong advances digital currency with e-HKD pilot phase two
Source Node: 2515472
Time Stamp: Mar 14, 2024
Regulators are your friend, IMF senior official says of crypto industry
Source Node: 1733408
Time Stamp: Nov 1, 2022
Bitcoin price falls; Ether flat, Matic leads gainers, Solana the losers
Source Node: 2181095
Time Stamp: Jul 20, 2023
Grayscale says XLM, ZEC and ZEN may be securities after SEC inquiry
Source Node: 1642993
Time Stamp: Aug 28, 2022
“Bitcoin Dominates NFT Market with 86% Sales Increase in 24 Hours”
Source Node: 2516944
Time Stamp: Mar 15, 2024
Bitcoin challenges all-time high but gets rejected at US$64,000
Source Node: 2502197
Time Stamp: Feb 28, 2024