Zipmex is Taking Legal Actions to Protect from Creditors

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Thailand’s crypto exchange Zipmex has just filed a petition with a Singapore court for protection from creditors.

According to the country’s legislation, the moratorium will take effect automatically for 30 days.

Law firm Morgan Lewis Stamford filed last July 22 five related filings on behalf of several exchange-related entities.

The platform’s management intends to achieve an extension of the moratorium for up to six months to prevent lawsuits from creditors. A similar step was taken by the management of the crypto lending platform Vauld, whose debt amounts to $402 million.