Breaking: after the crypto crash, the nightmare continues for Zipmex

In financials, following its substantial exposure to the companies Babel Finance and Celcius, the Asian exchange Zipmex is asking that the moratorium protecting it be extended.

Indeed, the company’s lawyers have filed five applications for moratoriums, under the Insolvency, Restructuring and Dissolution Act in Singapore. Several Zipmex entities would be affected. The exchange re-allowed withdrawals on its platform earlier this month, but it is now working to resolve the crisis situation related to its loss of liquidity.

By default, a 30-day moratorium is automatically put in place when submitting a request. The group is now asking for this deadline to be extended, for up to six months. The goal is to prohibit, or even prohibit, the launching of legal proceedings against him.

The request is similar to one filed by Vauld, another Asian platform that abruptly halted customer withdrawals earlier this month, and which has more than $400 million in debt.

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