Zipmex Submits 6-Month Moratorium Extension Request

Several moratorium petitions were filed by Zipmex, a significant cryptocurrency exchange in Southeast Asia, to halt Singaporean creditors from suing the platform due to liquidity issues. The platform halted withdrawals owing to financial issues, as Ethereum World News reported. The user’s access to the trade wallet function has already been restored, but the Z wallet has been suspended till further notice. This week, a statement from the Southeast Asian company informed customers of five applications that had been submitted on behalf of all of its businesses, including Zipmex Asia Pte Ltd, Zipmex Company Limited (incorporated in Thailand), and Zipmex Pte Ltd, According to the statement, the procedure was handled by lawyers from Morgan Lewis Stamford LLC. Under Section 64 of Singapore’s 2018 Insolvency, Restructuring, and Dissolution Act, moratoria were submitted. The terms of this policy automatically provide a 30-day extension upon filing. However, the crypto exchange allegedly asked for up to six months to delay the filing of a lawsuit by creditors. Importance of Moratorium Petitions According to the announcement, the application would enable the platform to assess the liquidity situation and pursue recovery strategies against Babel Finance. “This helps protect Zipmex against third-party actions, claims, and proceedings while it is active and enables the team to focus all our efforts on resolving the liquidity situation with...