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Court grants Zipmex’s rescue financing super-priority status

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Claudia Chong

Claudia Chong

Published Fri, Dec 23, 2022 · 06:07 PM
    • Zipmex has about US$700,000 in cash in its bank balance. Without the financing, the company will survive only till January, says its lawyer.
    • Zipmex has about US$700,000 in cash in its bank balance. Without the financing, the company will survive only till January, says its lawyer. PHOTO: BLOOMBERG

    DeeperDive is a beta AI feature. Refer to full articles for the facts.

    SINGAPORE’S High Court on Friday (Dec 23) granted Zipmex’s white knight super-priority claims on assets over existing creditors, for a US$5.85 million lifeline to keep the crypto exchange going as it restructures.

    Singapore-headquartered Zipmex is in distress following a US$48 million exposure to troubled crypto lender Babel Finance, which forced Zipmex to halt user withdrawals in July.

    With the rescue financing, the crypto platform is aiming to resume customers’ access to crypto assets in early April, its lawyer said on Friday.

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