According to an announcement, the struggling cryptocurrency exchange Zipmex has requested a two-month extension to the moratorium period set by the Singapore court overseeing its bankruptcy reorganization.
The appeal was submitted because an investor did not fulfill the expected payments for a potential acquisition.
According to reports, the investor, identified as Thai investment firm V Ventures, asserts that the Scheme of Arrangement has expired and that it is no longer subject to the terms of the agreement. The investor reportedly skipped a $1.25 million payment in March.
Marcus Lim, the CEO of the firm, stated in February that a deal had been signed but finalized after a strategy for opening consumer withdrawals was laid out.
In spite of the company’s claim that it will bargain with the investor to maximize returns, Zipmex’s most recent update suggests that withdrawals will still be delayed.
Following the collapse of the $60 billion Terra ecosystem, which unleashed a wave of crypto contagion, Zipmex filed for bankruptcy protection last year. Babel Finance and Celsius Network received loans from Zipmex, which were never repaid as a result of Terra’s demise.
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