Zipmex files to extend creditor protection amid rescue deal reports

Quick Take

  • Crypto exchange Zipmex has filed to extend its protection against creditors until next April amid a possible rescue deal. 
  • Earlier this month, the exchange was reportedly close to signing a $100 million rescue package with existing investor V Ventures in return for a 90% stake.

Crypto exchange Zipmex has filed to extend its protection against creditors until next April amid a possible rescue deal. 

The Singapore-based exchange briefly halted withdrawals in June amid a liquidity crisis triggered by exposure to beleaguered crypto lenders Babel Finance and Celsius. In July, it filed for protection against creditors in Singapore, and extended it in August. Now, according to a statement issued today, it's asking to extend the protection until next April 2. 

Zipmex Group operates five entities — Zipmex, Zipmex Asia, Zipmex Thailand, Zipmex Indonesia and Zipmex Australia — all of which sought creditor protection from the Singapore High Court.

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Since then, the exchange has courted potential investors to rescue it. On August 26, The Block reported that Zipmex was in advanced talks with the son of Thai billionaire Prayudh Mahagitsiri and Thai investment firm Country Group Holdings. Mahagitsiri later asked Zipmex CEO Marcus Lim to forfeit all his shares. 

Earlier this month, the exchange was reportedly close to signing a $100 million rescue package with existing investor V Ventures in return for a 90% stake. Today, CoinDesk reported that Zipmex remains in talks with an investor for a takeover deal that may be completed as early as next week. 


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