Thailand-based cryptocurrency exchange Zipmex is seeking bankruptcy protection against legal action from creditors, according to an update from the company on Wednesday.
The company, which froze user withdrawals last week, submitted moratorium applications on July 22 in Singapore for its various entities. These are Zipmex Asia Pte Ltd, Zipmex Pte Ltd, Zipmex Company Limited, PT Zipmex Exchange Indonesia, and Zipmex Australia Pty Ltd.
Under the nation’s laws, the move will automatically grant Zipmex protection from the continuation or commencement of proceedings by claimants for 30 days, or until after a Singapore court makes a decision on the applications—whichever comes first.
“This helps protect Zipmex against third party actions, claims, and proceedings while it is active[…] without having to worry about defending potential claims or adverse actions while we are doing so,” the company explained in a statement.
After initially pausing all trading and withdrawals on its exchange on...
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