The Southeast Asia-focused cryptocurrency exchange Zipmex has actually applied for personal bankruptcy defense in Singapore, ending up being the current sufferer of the worldwide decline in electronic money.

After putting on hold withdrawals on July 20, Singapore-based Zipmex returned to the solutions recently and also claimed it was functioning to solve its direct exposure of $53 million to crypto lending institutions Babel Money and also Celsius.

The cryptocurrency exchange claimed on Wednesday, Zipmex’s lawful group has actually sent 5 applications on July 22 looking for halts to restrict lawful procedures versus Zipmex for as much as 6 months.

Such declaring in SIngapore gives business an automated postponement for one month, or till a Singapore Court chooses on the application, whichever is previously.

According to its internet site, Zipmex which runs in Singapore, Thailand, Indonesia and also Australia is the current in a string of crypto gamers worldwide that have actually been influenced by the market volatility which began in May with the collapse of 2 combined symbols, Luna and also TerraUSD.

On Monday, Thailand’s Stocks and also Exchange Compensation claimed that it was dealing with police to explore prospective losses amongst the general public after Zipmex momentarily put on hold withdrawals.

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