According to Wednesday’s corporate update, Zimplex filed for bankruptcy. This news comes just days after the Thailand-based cryptocurrency exchange temporarily stopped withdrawals on July 20, before resumed limited withdrawals last Wednesday.
According to the update, Zimplex specifically filed for bankruptcy protection against creditors’ legal action. The Zimplex consortium filed the bankruptcy applications in Singapore on July 22. The companies are Zipmex Company Limited. Zipmex Exchange Indonesia. Zipmex Asia.
Zimplex, the latest cryptocurrency firm to file bankruptcy after Voyager Capital and Celsius.
Singapore court must issue verdict within 30 days
A Singapore court will rule on the petition in 30 days. This will, according to law, grant Zimpex protection against the initiation and continuation of litigations by claimants.
Zimplex acknowledged that he had filed for bankruptcy and stated:
“This helps protect Zipmex against third party actions, claims, and proceedings while it is active[…] without having to worry about defending potential claims or adverse actions while we are doing so.”
Zimplex allows customers to withdraw assets from their Trade Wallet, but withdrawals from Z Wallet remain suspended. All transactions involving Z wallet will remain closed.