Zipmex requests 2-month extension from Singapore court docket for restructuring plan
Cryptocurrency alternate Zipmex has requested one other extension which might enable for an extended moratorium on its debt in Singapore amid the agency’s liquidity points.
In an April 18 announcement, Zipmex said it was presently in negotiations with buyers in an try to “maximize returns for patrons” following a delay in funds. The agency stated its Asia arm had filed a request in Singapore’s courts to increase its present moratorium interval by two months. In accordance with the alternate, it’ll use the additional time to plan and reopen Z Pockets withdrawals.
Zipmex initially filed for a moratorium permitting the agency to postpone funds in July 2022, amid a tumultuous yr for the crypto market — the corporate had roughly $5 million in publicity to Celsius. The platform had suspended withdrawals earlier that month, whereas CEO Marcus Lim did not deny reports that the agency was going through insolvency.
Singapore’s courts granted Zipmex’s moratorium request, giving the agency till December 2022 to give you a restructuring plan. Nevertheless, the platform has continued to request extensions on the moratorium, with the newest one probably pushing its deadlines to June.
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It’s unclear to which investor Zipmex was referring in its newest announcement. In March, enterprise capital agency V Ventures reportedly did not provide a payment of greater than $1 million vital for Zipmex to keep away from liquidating sure operations and cease distributing payroll to workers.
Cointelegraph reached out to Zipmex for remark, however didn’t obtain a response on the time of publication. The agency has operations in Australia, Thailand, Singapore and Indonesia.