- Cryptocurrency exchange Zipmex is looking to extend a court moratorium that is currently in place.
- This was put in place due to the exchange’s bankruptcy filing last July.
- Zipmex is now looking to negotiate with both current and potential new investors to find a resolution.
Cryptocurrency exchange Zipmex is looking to extend a court imposed moratorium in order to reach a resolution acceptable to its investors and customers.
In an announcement today, Zipmex said it had filed for a two-month extension with the Singapore bankruptcy court after an investor delayed payments agreed upon as part of the exchange’s restructuring.
Zipmex in Asia seeks two-month extension of moratorium
The delayed payment tranche had an impact on the Zipmex’s Z Wallet operations and the investor subsequently asked for the investment agreement to be modified, in addition to a change in the size of the investment.
“As of today, the investor claims that the SSA has lapsed and that it is no longer bound to abide by the terms of the SSA. The investor has also demanded a return of its working capital loan,” Zipmex wrote.
The investor and Zipmex are now in discussions to find a resolution both sides can agree with and Zipmex is also looking for potential new investors. In order to find the best solution, Zipmex is asking for the moratorium to be extended by two months.
As CoinJournal has previously reported, Zipmex halted currency withdrawals in July last year with an estimated exposure of between $5 million and $48 million to Celsius Network and Babel Finance respectively.