The lower division of the Supreme Court of Singapore has approved Zipmex’s pre-packaged plan to restructure some of its operations and thus allow customers to receive part of their deposits.
The Thailand-based crypto exchange suspended customer withdrawals in July last year, citing volatile market conditions. He could not cope with the problems and filed for bankruptcy protection soon after.
- Zipmex announced in a recent blog post that the High Court of Singapore has authorized the creation of an “administrative convenience class” for creditors who have funds worth less than $5,000.
- The magistrates also approved the exchange’s request for a three-week extension of creditor protection:
“The Singapore court has granted Zipmex Group’s request for the moratorium in HC/OA 381 to 385 of 2022 to be extended until April 23, 2023, or further court order.”
- The green light appears to be a breath of fresh air for the struggling platform, whose $100 million bailout was close to fail due to a missed payment of $1.25 million.
- Zipmex encountered serious difficulties during the crypto winter, which intensified last summer. It suspended user withdrawals and revealed $53 million in exposure to Babel Finance and Celsius Network.
- The firm was willing meet with the Securities Exchange Commission in Thailand to discuss a possible stimulus strategy and possible multi-million fundraising.
- Despite the efforts, he deposit for bankruptcy protection in Singapore, becoming another victim of the bear market.
- The exchange allowed its Z Wallet customers to partially withdraw some of their bitcoin and ether holdings between August 11 and August 16 last year.
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