Zipmex has applied for a moratorium extension to reorganize its bankruptcy filings.
Troubled cryptocurrency exchange Zipmex wants to reorganize its bankruptcy. For this reason, the company applied to the Singapore court to extend the moratorium.
Zipmex Wants to Reorganize Its Bankruptcy
Troubled cryptocurrency exchange Zipmex has filed with Singapore court to reorganize its bankruptcy. The company is seeking an additional 2-month moratorium extension.
Troubled cryptocurrency exchange Zipmex has applied for a two-month extension to its moratorium agreement with the Singapore court that dealt with bankruptcy restructuring. This request came after an investor was unable to make scheduled payments related to a potential takeover.
Zipmex’s latest update states that the company will negotiate with its investors to maximize returns. However, he signaled to users that there may be more delays in withdrawals. Zipmex was hit by a cryptocurrency crash last year resulting from the collapse of the $60 billion Terra ecosystem. The company filed for bankruptcy protection following this collapse. Cryptocurrency exchange Zipmex made loans to Babel Finance and Celsius Network after the collapse of Terra, but neither of them could pay their debts.
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