Zipmex restructuring plan approved by the High Court of Singapore

The lower division of Singapore’s Supreme Court approved Zipmex’s packaged plan to restructure some of its operations to allow customers to receive part of their deposits.

The Thailand-based crypto exchange suspended customer withdrawals in July last year, citing volatile market conditions. He was unable to cope with the problems and declared bankruptcy soon after.

• Zipmex announced in a recent blog post that the High Court of Singapore allowed the creation of an “administrative convenience class” for creditors who have funds worth less than $5,000.
• The magistrates also approved the exchange’s request for a three-week extension of creditor protection:

“The Singapore Court has granted Grupo Zipmex’s request that the moratoriums on HC/OAs 381 to 385 of 2022 be extended until April 23, 2023, or further order of the Court.”

• The green light seems like a breath of fresh air for the troubled platform, whose $100 million bailout plan was close to completion. flaw due to a missed payment of $1.25 million.
• Zipmex faced severe difficulties during the crypto winter, which intensified last summer. It stopped user withdrawals and revealed a $53 million exposure to Babel Finance and the Celsius Network.
• the signature was willing meet with the Stock Exchange Commission of Thailand to discuss an eventual recovery strategy and a possible multi-million dollar fundraiser.
• Despite efforts, it archived for bankruptcy protection in Singapore, becoming another victim of the bear market.
• The exchange permitted its Z Wallet clients partially withdrew a portion of their bitcoin and ether holdings between August 11 and 16 last year.