Crypto Exchange Zipmex Files for Two-Month Moratorium Extension
The request comes after an investor failed to maintain payments to the exchange.
:format(jpg)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/2IZH3V4K2REB3EUG77DMD74Q6U.jpg)
(Andrew Khoroshavin/Pixabay)
/arc-photo-coindesk/arc2-prod/public/LXF2COBSKBCNHNRE3WTK2BZ7GE.png)
Troubled cryptocurrency exchange Zipmex has filed for a two-month extension to its moratorium agreement to the Singapore court handling its bankruptcy reorganization, according to an announcement.
The request was made after an investor had failed to make scheduled payments involved in a potential takeover.
The investor, which is reportedly Thai investment firm V Ventures, claims the Scheme of Arrangement has lapsed and that it is no longer bound by the agreement. In March it was reported the investor missed a $1.25 million payment.
The company's CEO, Marcus Lim, told CoinDesk in February that a deal had "been signed but not closed," before a plan was outlined to open customer withdrawals.
Zipmex's latest update hints at further delays in withdrawals, although the company said it will negotiate with the investor to maximize returns.
Zipmex filed for bankruptcy protection last year after being hit by a wave of crypto contagion that spread from the collapse of the $60 billion Terra ecosystem. Zipmex had issued loans to Babel Finance and Celsius Network, which both went unpaid in the fallout of Terra's collapse.
Disclosure
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.
Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.