
Zipmex seeks 2-month moratorium extension from Singaporean court
Zipmex notes that in addition to the application for a 2-month moratorium, the exchange is currently shopping for new investors "in order to maximize returns for customers."
Zipmex notes that in addition to the application for a 2-month moratorium, the exchange is currently shopping for new investors "in order to maximize returns for customers."
The Singapore High Court has approved the creation of an “Administrative Convenience Class” made up of creditors with assets under $5,000 in their Z Wallets.
V Ventures missed the deadline to make a $1.25 million payment due on March 23—a payment supposed to provide Zipmex with working capital over the coming months.
Zipmex creditors are given until February 21 to cast their votes on a KordaMentha-backed scheme that could see them get a hold of their frozen funds in Z Wallet.
Thailand's Securities and Exchange Commission has opened a new investigation into the activities of Zipmex to clarify how its ZipUp/ZipUp+ offerings were administered.
The deal will see V Ventures own 90% of the embattled Zipmex exchange as part of attempts to raise liquidity.
The current creditor protection, granted in August, runs out on December 2, and each of the five Zipmex subsidiaries has filed in Singapore for an extension.
Five prominent legal entities face intense scrutiny from Thailand's Securities and Exchange Commission over their alleged involvement in manipulating the digital asset market to lure more investors.
The SEC disclosed that Zipmex and its co-founder Eklarp Yimwilai failed to report all relevant details surrounding the pausing of withdrawals and deposits on the platform.
Zipmex lays out its plan to break from a liquidity crisis by introducing potential investors to Thai regulators while appointing solicitors to ensure its smooth restructuring process.
Hodlnaut is following the path taken by Zipmex and Vauld, two other troubled VASPs which were given three months of breathing space to sort things out.
Two weeks since granting Vauld protection, Singapore has extended the same to Zipmex, an exchange whose tie-up with Babel Finance and Celsius was its downfall.