Bitcoin Bear Market Claims Another Crypto Firm as Zipmex Files for Bankruptcy

July 29, 2022 World Blockchain

Thailand-based cryptocurrency exchange Zipmex is seeking bankruptcy protection against legal action from creditors, according to an update from the company on Wednesday.

The company, which froze user withdrawals last week, submitted moratorium applications on July 22 in Singapore for its various entities. These are Zipmex Asia Pte Ltd, Zipmex Pte Ltd, Zipmex Company Limited, PT Zipmex Exchange Indonesia, and Zipmex Australia Pty Ltd. Under the nation’s laws, the move will automatically grant Zipmex protection from the continuation or commencement of proceedings by claimants for 30 days, or until after a Singapore court makes a decision on the applications—whichever comes first.