Zipmex Gets 3-Month Creditor Protection in Singapore

Singapore’s High Court has granted troubled crypto exchange Zipmex more than three months of creditor protection.

The creditor protection would help Zipmex devise a funding plan, Bloomberg News reports.

The company had filed for bankruptcy protection and suspended withdrawals in July.

Zipmex will now be protected against potential creditor lawsuits until Dec. 2.

Zipmex’s solicitors Morgan Lewis Stamford had applied for six months of protection across the exchange’s five entities covering Singapore, Thailand, Indonesia and Australia.

Zipmex is one of several crypto companies that succumbed to market pressures over the past two months.

Zipmex loaned $48 million to Babel Finance and $5 million to Celsius, both of which failed to repay their loans.

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