Court grants three months to Zipmex exchange to resolve liquidity problems
According to the company’s representatives, a memorandum of understanding has already been signed with two unnamed investors
15.08.2022 - 09:00
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What’s new? The Singapore High Court granted cryptocurrency exchange Zipmex just over three months to resolve its liquidity problems. Zipmex had previously filed applications with the court on behalf of five of its entities to impose a moratorium on proceedings with creditors for up to six months while the exchange develops a restructuring plan. This was reported by The Block, citing its own sources.
What is going on with Zipmex? On July 20, the exchange suspended withdrawals, citing unstable market conditions and financial difficulties of key partners. Thus, the company provided a loan to the later bankrupt lending platform Babel Finance. In total, the platform lost more than $280 million in cryptocurrency, facing liquidations due to the significant downturn in the market.
Zipmex filed an application to suspend possible legal proceedings on July 22, in which case, according to the laws of Singapore, a moratorium of 30 days is automatically imposed. Following its review, the court decided to extend it until December 2, 2022.
Partial withdrawals of ETH are available for users of the exchange’s own wallet, Z Wallet, since August 11, and partial withdrawals of BTC will also be possible from August 16. Previously, full withdrawals of SOL, ADA, and XRP were simplified.
Zipmex is currently looking to raise funds and has already signed a memorandum of understanding (MOU) with two investors.
Also, the Singapore court extended a 3-month moratorium for crypto lender Vauld, which, like Zipmex, suspended withdrawals in early August. Vauld owes creditors a total of $402 million.
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