Crypto Exchange Zipmex Files for Two-Month Moratorium Extension

The request comes after an investor failed to maintain payments to the exchange.

AccessTimeIconApr 18, 2023 at 4:29 p.m. UTC
Updated May 9, 2023 at 4:12 a.m. UTC

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.

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  • 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.

    Edited by Stephen Alpher.

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    Oliver Knight

    Oliver Knight is a CoinDesk reporter based between London and Lisbon. He does not own any crypto.