Court grants Zipmex’s rescue financing super-priority status

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.