Yet another crypto firm is facing the music, this time Singapore-based Zipmex which has filed for bankruptcy protection in the city-state.
Zipmex has filed for bankruptcy protection in Singapore, according to a statement, marking the latest cryptocurrency company that has been hit by market turbulence following the collapse of stablecoin TerraUSD and sister token Luna.
While Zipmex recently said it would write off a $5 million exposure to crypto lender Celsius, it will look to pursue recovery against fellow lender Babel Finance over a $48 million exposure.
Zipmex submitted five applications to prohibit legal proceedings against the crypto exchange for up to six months while such a filing alone grants companies an automatic moratorium for 30 days, according to Singapore law, or, if earlier, when a court makes a decision on the application.
Thailand Regulator
Zipmex is also facing troubles in Thailand where the Securities and Exchange Commission said earlier this week that it was working with law enforcement to look into potential losses amongst the public following the temporary suspension of withdrawals.
According to its website, Zipmex currently operates in Singapore, Thailand, Indonesia and Australia.
