Last Updated on July 31, 2022 by Bitfinsider
A business update issued on Wednesday claims that Zipmex has filed for bankruptcy. The information comes shortly after the Thailand-based cryptocurrency exchange abruptly stopped withdrawals on July 20 before starting small withdrawals again last week.
The update states that Zipmex specifically asked for bankruptcy protection from legal action by creditors. The group of Zipmex enterprises filed bankruptcy petitions in Singapore on July 22. Zipmex Company Limited, Zipmex Pte Ltd, Zipmex Exchange Indonesia, and Zipmex Asia Pte Ltd are among the businesses.
Zipmex has joined the ranks of companies like 3AC, Voyager Capital and Celsius as the most recent cryptocurrency company to declare bankruptcy.
Singapore court will announce its decision in 30 days
A Singapore court will rule on the petition in around 30 days, and if it is approved, Zimpex will automatically be protected from the start or continuation of lawsuits by claimants.
Zipmex acknowledged declaring bankruptcy in a statement, which read: “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.”
Customers may presently only withdraw funds from their Trade Wallet through Zipmex, which has closed all Z Wallet-related operations and suspended all withdrawals from the Z Wallet.
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Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.
Hardware wallets are safe and secure devices that can be used offline. They keep your cryptocurrency offline, making it impossible for you to be hacked. To find out more on the leading hardware wallets, you may view our reviews here: Ledger & Trezor
Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.
