Crypto platform Zipmex files for bankruptcy protection in Singapore

Southeast Asia-focused cryptocurrency exchange Zipmex said it had filed for bankruptcy protection in Singapore, becoming the latest victim of the global downturn in digital currencies.
Singapore-based Zipmex resumed withdrawals last week, a day after suspending them on July 20, and said it was working to address its exposure of $53 million to crypto lenders Babel Finance and Celsius.
Zipmex’s solicitors submitted five applications on July 22 seeking moratoriums to prohibit legal proceedings against Zipmex for up to six months, the cryptocurrency exchange said on Wednesday.
Under Singapore law, such a filing grants companies an automatic moratorium for 30 days, or until a Singapore Court makes a decision on the application, whichever is earlier.