Zipmex joins the ranks of cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. companies filing for bankruptcy amid market an area or arena, online or offline, in which commercial dealings are conducted. turmoil. The exchange had paused withdrawals last week.
- Another cryptocurrency company files for bankruptcy: Zipmex.
- The exchange had frozen withdrawals a week ago.
- He said he is negotiating a possible purchase agreement.
Amid the liquidity crisis, another struggling cryptocurrency company has opted to file for bankruptcy.
The digital asset exchange based in Asia, Zipmex has filed for bankruptcy protection in Singapore in an effort to try to stave off threats of legal action from creditors. The firm announced the news Wednesday in a press release, as reported by CoinDesk yThe Block .
De acuerdo con el communiqué the lawyers of Zipmex , Morgan Lewis Stamford , filed five moratorium applications last July 22 under Section 64 of the Singapore Insolvency, Restructuring and Dissolution Act 2018 on behalf of several of its entities. The company informed its clients in the release:
This helps protect Zipmex against third party actions, claims and proceedings while it is active, and allows the team to focus all of our efforts on resolving the liquidity how easily a cryptocurrency can be bought and sold without impacting the overall market price. situation, without having to worry about defending potential claims or adverse actions while doing so.
Zipmex another one that opts for bankruptcy.
As stated in CoinDesk which cited Singapore law, such a filing automatically grants the firm a 30-day reprieve, or until the Court makes a decision on the application, whichever comes first. The Zipmex Group seeks an extension of that moratorium for up to six months to prohibit and restrain the initiation or continuation of legal proceedings against him, he adds.The Block a file containing information on transactions completed during a given time period. Blocks are the constituent parts of a blockchain..
Specifically, the group entities seeking relief from the moratorium are: Zipmex Asia Pte Ltd., Zipmex Pte Ltd, Zipmex Company Ltd. (constituida en Tailandia), PT Zipmex Exchange businesses that allow customers to trade cryptocurrencies for fiat money or other cryptocurrencies. Indonesi a yZipmex Australia Pty Ltd.
The announcement comes just days after Zipmex to abruptly halt the withdrawals of its platform a place to buy, sell and store cryptocurrency citing “ circumstances beyond his control. The move prevents users from accessing their funds.
As reported by DiarioBitcoin the exchange announced the move on July 20, joining other crypto platforms such as CoinLoan , Babel Finance, Celsius, CoinFLEX among others, which have also frozen withdrawals due to price volatility a statistical measure of dispersion of returns, measured by using the standard deviation or variance between returns from that same security or market index. in the market and massive sales, which have caused liquidity difficulties.
Zipmex revealed shortly afterwards that had an exposure of USD $48 million to Babel Finance y USD $5 millones a Celsius of firms in trouble of insolvency and also paused withdrawals. Celsius is part of the list of those that have filed for bankruptcy, along with others such as Voyager Digital digital technologies are these electronic tools that have the ability to generate, store or even process data. and the cryptofundThree Arrows Capital capital is most commonly defined as the large sum of money you would use to invest. (3AC).
The Asian exchange is now negotiating investment agreements and a possible acquisition. “ A potential investor has made an initial capital deposit with Zipmex as a token a digital unit designed with utility in mind, providing access and use of a larger crypto economic system. of interest in an investment. “, the firm said on Wednesday, as quoted by The Block . “ Zipmex and the potential investor will proceed to discuss definitive agreements and hope to expedite the capital injection. “.
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Article by Hannah Estefania Perez / DiarioBitcoin
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