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News

Zipmex Requests Extension Of Creditor Protection While Awaiting Help Agreements

November 19, 2022 - Around 1 mins mins to read
In light of a potential rescue plan, cryptocurrency exchange Zipmex has asked to extend its protection against creditors until next April.
Zipmex Requests Extension of Creditor Protection While Awaiting Help Agreements

It applied for protection from creditors in Singapore in July, and in August, it was extended. In a statement released today, it requested an extension of the protection through April 2 of next year.

Several cryptocurrency companies, like Zipmex, which has operations in Thailand, Singapore, Indonesia, and Australia, gave in to the bear market’s demands this year.

Zipmex Requests Extension Of Creditor Protection While Awaiting Help Agreements

It made two $53 million loans to Celsius Network and Babel Finance, none of which has been returned. In July, Zipmex halted customer withdrawals due to market instability.

The exchange was allegedly on the verge of agreeing to a $100 million rescue plan with current investor V Ventures in exchange for a 90% ownership earlier this month.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Harold

Coincu News

Babel Finance

Celsius

creditor protection

crypto

V Ventures

Zipmex

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Author

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.
News

Zipmex Requests Extension Of Creditor Protection While Awaiting Help Agreements

In light of a potential rescue plan, cryptocurrency exchange Zipmex has asked to extend its protection against creditors until next April.
Zipmex Requests Extension of Creditor Protection While Awaiting Help Agreements

It applied for protection from creditors in Singapore in July, and in August, it was extended. In a statement released today, it requested an extension of the protection through April 2 of next year.

Several cryptocurrency companies, like Zipmex, which has operations in Thailand, Singapore, Indonesia, and Australia, gave in to the bear market’s demands this year.

Zipmex Requests Extension Of Creditor Protection While Awaiting Help Agreements

It made two $53 million loans to Celsius Network and Babel Finance, none of which has been returned. In July, Zipmex halted customer withdrawals due to market instability.

The exchange was allegedly on the verge of agreeing to a $100 million rescue plan with current investor V Ventures in exchange for a 90% ownership earlier this month.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Harold

Coincu News

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