After days of rumors, Thai crypto exchange Zipmex files for personal bankruptcy in Singapore

Inside a document dated This summer 27, Thai cryptocurrency exchange Zipmex stated that it is solicitors in Singapore, Morgan Lewis Stamford LLC, filed five applications under Section 64 of Singapore’s Insolvency, Restructuring and Dissolution Act 2018 with respect to the organization. The announcement came only one week after its Chief executive officer and co-founder Marcus Lim openly denied the firm was facing financial troubles. Rumors happen to be circulating previously month the cryptocurrency exchange was insolvent following a suggested acquisition by Coinbase fell through. 

Furthermore, Zipmex already declared personal bankruptcy last Friday but didn’t disclose the act until Wednesday. All its subsidiary entities, composed of Zipmex Asia Pte Lt, Zipmex Pte Limited, Zipmex Company Limited, PT Zipmex Exchange Indonesia, and Zipmex Australia Pty Limited, were incorporated within the filing. In addition, Zipmex states that the situation conference concerning the personal bankruptcy filing continues to be scheduled for 4 pm GMT tomorrow which creditors had just before the deadline of 10 am right now to inform solicitors they wanted to go to.

It seems that Zipmex’s fortunes required a turn for that worst following the collapse of Hong Kong-based crypto loan provider Babel Finance. As relayed through Zipmex: 

“The moratoriums will give the Zipmex Group the breathing space and time it should explore choices to resolve the liquidity situation (including to pursue the recovery against Babel Finance), and also to formulate a restructuring plan and secure additional investment to secure the Zipmex Group’s operations continuing to move forward.”

Zipmex claims it’s within the advanced stages of securing new investments to relive its liquidity crisis. Presently, Thailand’s Registration is asking affected investors to join up complaints from the firm on its official site. 

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