After weeks of rumors, Thai crypto exchange Zipmex files for debt relief in Singapore
2022.07.29 15:41
After weeks of rumors, Thai crypto exchange Zipmex files for debt relief in Singapore
In a document dated Wednesday, July 27, Thai cryptocurrency exchange Zipmex said that its solicitors in Singapore, Morgan Lewis Stamford LLC, filed five moratorium applications, or legal authorization to debtors to postpone payment, under Section 64 of Singapore’s Insolvency, Restructuring and Dissolution Act 2018 on behalf of the company. Zipmex seeks to protect itself against third party actions, claims, and proceedings for a period of six months while the filing is active. The announcement came just one week after its CEO and co-founder Marcus Lim publicly denied the firm was facing financial troubles. Rumors have been circulating in the past month that the cryptocurrency exchange was insolvent after a proposed acquisition by Coinbase (NASDAQ:COIN) fell through.
Additionally, Zipmex already filed for credit relief last Friday but did not disclose the act until Wednesday. All of its subsidiary entities, consisting of Zipmex Asia Pte Lt, Zipmex Pte Ltd, Zipmex Company Limited, PT Zipmex Exchange Indonesia and Zipmex Australia Pty Ltd, were included in the filing. Furthermore, Zipmex says that a case conference regarding the filing has been scheduled for 4 pm UTC Friday and that creditors had just until the deadline of 10 am Thursday to inform solicitors that they wished to attend.
