•Zipmex, a troubled crypto exchange, is seeking an extension of its current moratorium on creditor protection.
•The extension is needed to enable the company to find a solution for reopening its Z wallet.
•If granted, the extended period will give Zipmex more time to reopen withdrawals on the Z wallet and find new investors.
Troubled Crypto Exchange Seeks Moratorium Extension
Zipmex, a troubled crypto exchange, has filed an application with the Singapore court for an additional two months on its moratorium in order to enable the company to find a solution regarding reopening its Z wallet. The request for an extension comes after its investor delayed tranche payments.
Investor Proposes Reduced Payment
The investor whose name was not mentioned proposed paying 10-20% to Zipmex’s creditors instead of 100%, as stated in an update by the crypto exchange. The investor also requests a return on their working capital loan which could affect the reopening of its Z wallet if not granted.
Extension Will Give More Time To Reopen Withdrawals
An extension of two months will give Zipmex more time to reopen withdrawals on the Z wallet and look for new investors who can maximize returns for customers. This is not the first time that Zipmex has asked for an extension following their July 2022 halt of withdrawals due to exposure with distressed cryptocurrency lenders Celsius and Babel Finance.
Current Extension To Expire On April 23rd
The current extension is set to expire on April 23rd if it is not extended again by then by the court hearing Zipmex’s application. If granted, this would give them until June 2021 until they have to seek another extension or come up with a viable solution regarding their investor’s demands and reopening their wallets.
Zipmex’s application shows how serious they are about resolving their issues with their creditors and finding solutions so that they can continue running while maximizing returns for customers. It remains unclear whether or not they’ll be able to meet all these goals but hopefully any decisions made will be in their favor so that everything can go back online soon enough without further delays or complications arising from this matter.
Felix Schulze ist unser Krypto-Enthusiast und Chefredakteur im Team. Der studierte Wirtschaftsinformatiker hat sich schon früh, seit 2017, intensiv mit den technischen Grundlagen von Bitcoin und Blockchain-Anwendungen beschäftigt.
Er betreibt einen der populärsten deutschsprachigen Blogs zu diesen Themen und produziert einen viel gehörten Podcast für Krypto-Fans. Mit seinem enormen Wissensschatz hat Felix sich längst als einer der führenden Experten für die funktionellen und technologischen Details rund um Bitcoin etabliert. Er steuert spannende Hintergrundberichte und Technik-Analysen für unsere Leser bei.