Zipmex’s Restructuring Plan Greenlighted by the Singapore High Court

Singapore’s lower division of the Supreme Court approved Zipmex’s pre-packaged plan to restructure some of its operations and thus enable customers to receive portions of their deposits.

The Thai-based crypto exchange suspended clients’ withdrawals in July last year, citing volatile market conditions. It could not cope with the issues and filed for bankruptcy protection shortly after.

  • Zipmex announced in a recent blog post that the Singapore High Court allowed the creation of an “Administrative Convenience Class” for creditors who have funds worth less than $5,000. 
  • The magistrates also approved the exchange’s request for a three-week extension of creditor protection:

“The Singapore Court has granted the request by the Zipmex Group for the moratoria in HC/OAs 381 to 385 of 2022 to be extended until April 23, 2023, or further order of Court.”

  • The green light seems like a breath of fresh air for the troubled platform, whose $100 million rescue plan was close to failing due to a missed $1.25 million payment.
  • Zipmex encountered severe difficulties during the crypto winter, which intensified last summer. It paused user withdrawals and revealed a $53 million exposure to Babel Finance and Celsius Network.
  • The firm was willing to meet with the Securities Exchange Commission in Thailand to discuss an eventual recovery strategy and possible multi-million fundraising.
  • Despite the efforts, it filed for bankruptcy protection in Singapore, becoming another victim of the bear market. 
  • The exchange allowed its Z Wallet customers to partially withdraw a chunk of their bitcoin and ether holdings between August 11 and August 16 last year. 
SPECIAL OFFER (Sponsored)
Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO50 code to receive up to $7,000 on your deposits.


.custom-author-info{ border-top:none; margin:0px; margin-bottom:25px; background: #f1f1f1; } .custom-author-info .author-title{ margin-top:0px; color:#3b3b3b; background:#fed319; padding:5px 15px; font-size: 20px; } .author-info .author-avatar { margin: 0px 25px 0px 15px; } .custom-author-info .author-avatar img{ border-radius: 50%; border: 2px solid #d0c9c9; padding: 3px; }

The post appeared first on CryptoPotato

Buy Bitcoin with Credit Card

BitMex Leverage Trading

Automated Trading Bot

Related Posts

Leave a Reply

Bitcoin (BTC) $ 68,869.45 0.49%
Ethereum (ETH) $ 2,436.94 0.74%
Tether (USDT) $ 0.999757 0.02%
BNB (BNB) $ 559.76 0.45%
Solana (SOL) $ 162.08 1.01%
USDC (USDC) $ 1.00 0.01%
XRP (XRP) $ 0.512287 1.34%
Dogecoin (DOGE) $ 0.168452 12.10%
Lido Staked Ether (STETH) $ 2,437.13 0.70%
TRON (TRX) $ 0.16244 1.59%