A bitcoin exchange in trouble According to a person familiar with the subject who wanted to remain anonymous because they are not permitted to discuss the negotiations, Zipmex is still in talks with an investor about a takeover deal that could be concluded as soon as next week.
In order to get the rescue plan through, Zipmex asked for an extension of its moratorium in Singapore until April 2023, according to a statement issued on Friday. A moratorium is a type of safeguard that prevents creditors from filing claims.
Bloomberg reported earlier this month that the company, which was given three months of creditor protection by Singapore’s High Court in August, was in talks with venture capital fund V Ventures, a subsidiary of Thoresen Thai Agencies. According to the source, the talks encountered a “hiccup” that forced a delay.Zipmex, which has operations in Thailand, Singapore, Indonesia, and Australia, was one of several cryptocurrency companies that succumbed to the constraints of this year’s bear market. It made two $53 million loans to Babel Finance and Celsius Network, none of which has been repaid. In July, Zipmex suspended consumer withdrawals, citing market instability.
KordaMentha, an Australian restructuring business, was hired to assist with a recovery strategy.
- Zipmex, crypto exchange, asked for creditor protection extension, citing ongoing takeover talks
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