Crypto Exchange Zipmex Goes Bankrupt – Who’s Next To Fall? |


After weeks of rumors, cryptocurrency exchange Zipmex said that it had filed for bankruptcy protection in Singapore in response to mounting legal threats from creditors.

The Thailand-based crypto exchange is reported to have more than $50 million in exposure to Babel Finance and Celsius, crypto lenders that have severely been battered from the turmoil plaguing the crypto markets.

How To Get Free Crypto  
5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Babel halted withdrawals at the middle of last month in response to liquidity pressures caused by overleveraged crypto businesses such Three Arrows Capital and Celsius Network.

Related Reading | Immutable Games, Dubbed ‘Aussie Crypto Star,’ Sacks Over 20 Employees

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!
Image: Blockchain News

Request For Suspension Relief

Reports have it that Zipmex has requested for suspension relief for five of its firms until future consideration warrants lifting the moratorium as the company looks to resolve its liquidity issues.

The exchange explains:

What is the best crypto casino in July 2022? Read our comprehensive comparison! We made deposits, played and reviewed 80+ crypto casinos to choose the best one.

“This protects Zipmex against third-party lawsuits, claims, and procedures while it is in effect, allowing the team to focus on resolving the liquidity crisis without having to defend prospective claims or unfavorable actions.”

Under Singapore law, such a petition automatically allows companies a 30-day moratorium, or until a Singapore court rules on the case, whichever comes first.

Zipmex stated that it will keep operating its Trade Wallet, NFT platform, and other products, so consumers should not anticipate any service delays — or, at least, not yet.

Coinbase Banner  

As a result of the bear market’s cascading effect, several crypto-related companies will adopt a more cautious strategy moving forward.

The cryptocurrency market has seen similar difficulties in the past, but at the current level of adoption and scale, it is very unpleasant for the market.

Related Reading | Meta Sheds $2.8 Billion In Virtual Reality Division This Q2 – More Losses Ahead?

SEC: File Complaint Vs. Zipmex

By some counts, Singapore’s aggressive cryptocurrency industry, the largest in Asia-Pacific, has been rattled by the recent failure of crypto funds Three Arrows and Celsius.

Money coming into the market has been volatile as a result of all the upheaval. This week, industry intelligence platform CB Insights revealed that venture capital funding for blockchain and cryptocurrency start-ups fell by more than a quarter, to $6.6 billion, in the first half of 2022.

FreeBitcoin Banner  

This week, Zipmex said that it had received an investment proposal from an interested entity, with parameters outlined in a memorandum of understanding  (MOU) permitting the company to begin due diligence.

Meanwhile, the Securities and Exchange Commission of Thailand is requesting that impacted investors lodge complaints against the company on its website.

Crypto total market cap at $1.08 trillion on the daily chart | Source:
Featured image from Corporate Finance Institute, chart from

Go to Source
Author: Jet Encila

Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.