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Zipmex Claims Protection Against Its Creditors

Cryptocurrency exchange Zipmex recently announced that it would stop withdrawals and reopen transactions. Finally, after what happened, the Thai Securities and Exchange Commission announced that it was working with law enforcement to investigate possible losses.

Zipmex, which has been in trouble for some time, is seeking an extension of a moratorium to avoid legal action from the creditors. According to the statement, Zipmex declares that users cannot pay all or part f their debts.

Zipmex said it filed for five moratoriums under the Bankruptcy, Restructuring, and Termination Act in Singapore on July 22.

In Singapore, a prohibiting right arises 30 days after the application. Zipmex is also seeking the addition of up to 6 months to prevent the initiation or continuation of legal action against it.

Cryptocurrency exchange Zipmex, which is working to solve the liquidity problems and reactivate the Z wallet for users, said about the moratorium application:

“The moratoriums will give Zipmex plenty of time to explore options and formulate a restructuring plan to resolve its liquidity.”