Understanding Zipmex’s Legal Maneuver
In a surprising move, Zipmex, the Thai cryptocurrency exchange, announced on July 27 that its legal team in Singapore, Morgan Lewis Stamford LLC, has filed five moratorium applications. This act is akin to hitting the snooze button on debt payments, providing a much-needed respite under Section 64 of Singapore’s Insolvency, Restructuring and Dissolution Act 2018. The goal? To temporarily shield the company from the impending storm of third-party actions for the next six months.
Rumors vs. Reality
Just a week prior to this announcement, Zipmex’s CEO, Marcus Lim, took to social media to quell rising fears surrounding the company’s financial health. Talk about a classic case of foot-in-mouth disease! Lim’s claims came on the heels of turbulent rumors suggesting that the exchange was teetering on the brink of insolvency following a buffoonish botched acquisition by a certain well-known cryptocurrency giant.
Previous Attempts at Stability
Before asking for a moratorium, Zipmex filed for credit relief, but remained tight-lipped about this decision until Wednesday. This filing encompassed its entire organization, including subsidiaries such as Zipmex Asia Pte Ltd and Zipmex Australia Pty Ltd. It’s a family affair, folks!
The Fallout from Babel Finance
Zipmex seems to have hit the rocks after the devastating collapse of Babel Finance, a lender based in Hong Kong. The catastrophe sent ripple effects across the crypto world, raising alarm bells for investors. Zipmex stated that the moratorium would provide them the
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