Zipmex Obtains Creditor Protection Term as Court Sets Deal Date

According to a new release on the website of the company, Zipmex, the South Asian cryptocurrency exchange that earlier this year had to freeze withdrawals due to a shortage of liquidity, has received creditor protection for all of its businesses until April of 2023.

Zipmex Secures Creditor Protection

The High Court of Singapore also issued a ruling stating that any acquisition agreement for Zipmex must be finalized by December 21 in addition to the prolongation. According to a person acquainted with the situation, Zipmex was still in advanced negotiations regarding a rescue agreement on November 18. Zipmex is one of the numerous cryptocurrency firms entangled in this year's market downturn after failing to repay a string of $53 million debts to Babel Finance and Celsius Network. It stopped accepting withdrawals in July and hired a reorganization company to help with a rescue plan in August.

V Ventures to Acquire Zipmex

Bloomberg revealed last month that Thoresen Thai Agencies, one of the biggest and most reputable investment companies in Thailand, is the parent company of V Ventures, a venture capital group attempting to acquire Zipmex.