Thailand's cryptocurrency exchange Zipmex announced that the Singapore court satisfied the petition for protection fromcreditors for three months, until December 2. The Block writes about it.
The company expected to receive approval for six months. The solution applies to Zipmex, Zipmex Asia, Zipmex Thailand, Zipmex Indonesia and Zipmex Australia.
Earlier, a Singapore court issued a similar verdict on the application of the Vauld crypto-lending platform.
Recall that Zipmex faced a lack of liquidity after problems with partners - Babel Finance and Celsius Network. Their liabilities are $5 million and $48 million, respectively.
On July 20, the company suspended withdrawals, citing "volatile market conditions and the resulting financial difficulties of key business partners."
A few days later, Zipmex partially resumed deposits and withdrawals.
The platform is considering several recovery options, including raising funds, initiating litigation, and restructuring.
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