Did the victim of “Zipmex” know? Zipmex filed with Singapore court for debt moratorium

victim “Zipmex” Do you know in Thailand yet? “Zipmex” show transparency reflect sincerity to solve problems Filing a court request for a moratorium on all debts in Singapore Claims to allow the team to focus on solving liquidity problems. submitted since July 22 but just announced today Specify creditors who wish to attend the hearing must register by today (28 July) before 18.00 to discuss the case the next day, resulting in “Zipmex” being able to stop paying debt automatically. Time for 30 days according to Singapore km. or until the court has a decision

After the “Zipmex” platform or digital asset trading center Announcement to suspend the withdrawal of baht and cryptocurrencies Damage caused by customers’ Zipup+ products being deposited at Zipmex global Singapore and invested in Babel Finance and Celsius, experiencing problems. Until unable to transact in Z Wallet, causing a lot of damage to customers in Thailand

Although the incident, Ephalap Yimwilai, Chief Executive Officer And the co-founder of Zipmex Co., Ltd. has come out to clarify from time to time that it is in the process of working with the SEC and related agencies. to expedite the problem solving with transparency and return the assets to the customer But management behavior is the opposite. Each clarification was unable to answer questions or claims of the victims. Plus, there is no exact plan and timeline.

Most recently, on 22 July 65, Zipmex Group filed a petition with the Singapore court. Request for a suspension of debt for all Zipmex businesses, but just announced today (July 28) and creditors or those interested in attending tomorrow (July 29) must register by 5 PM. of the 28th of July, 65 can send an email to [email protected] Which is unknown here, Zipmex Thailand has notified the SEC and related agencies. Including the Thai victims, who are already in large numbers?

“Dear Zipsters, as we continue to work to rectify our liquidity situation and make zwallet available again for all users, Zipmex issued a statement. We would like to update our users that Last Friday (July 22) we filed a request for a moratorium on debt payments in Singapore. For all Zipmex ventures

This will help protect Zipmex from action, claims. and legal action from third parties And this allows the team to focus our efforts on solving the liquidity situation. without having to worry about fighting to defend any negative claim or action. that may arise It is important to point out that A suspension of debt is not a liquidation for the dissolution of any business. and did not have any significant status changes. From the last we updated

We continue to operate our Trade Wallet, NFT platform, and other products as usual and there is no planning. to interrupt the service

Here’s more detailed information about applying for a debt break.

On July 22, 2022, our attorneys in Singapore, Lawyers Morgan Lewis Stamford LLC, filed five petitions in accordance with Article 64 of the Act. Bankruptcy, Restructuring, and Dissolution of Singapore 2018 (Singapore’s Insolvency, Restructuring and Dissolution Act 2018) On behalf of the Zipmex Group entities, we are applying for a debt moratorium. to be prohibited and restricted There is no initiation or ongoing proceedings of legal proceedings against these companies. within a period of time, which may be up to 6 months

A subsidiary of Zipmex Group seeking protection with a debt break. According to the petition filed this time, as follows:

Zipmex Asia Pte Ltd

Zipmex Pte Ltd

Zipmex Company Limited (registered in Thailand)

PT Zipmex Exchange Indonesia (registered in Indonesia)

Zipmex Australia Pty Ltd (registered in Australia)
(all these Hereafter we will call “these companies”)

at the same time according to Singapore law These companies are allowed to automatically pause their debts for a period of time. This may be (i) 30 days or (ii) until the Singapore courts decide on the petition filed. whichever time is less This automatic debt break Protection will be provided to those listed above in Singapore for these companies.

meeting to discuss the case This is the process of filing this petition. It is scheduled to be held on Friday, July 29, 2022 at 4 p.m. and will be conducted in the form of a webminar with the “Zoom” program. Please notify our attorney, Morgan Lewis Stamford LLC, before 6:00 PM on July 28, 2022 (corresponding to 10:00 AM on July 28, Greenwich Mean Time). invited to join And we will take a number of verification measures to ensure that you are truly a creditor of one of these companies. before you can register as a meeting participant You can contact Morgan Lewis Stamford LLC via email address. [email protected] As soon as you register as a participant in the case Details about Zoom Link and phone number will deliver to you

In addition to the things mentioned above Please be informed of the various practices. To avoid any doubts as follows:

Each registrant must log in to use a Zoom account one hour prior to attending the scheduled hearings.

Participants will not be allowed to make statements to the court. or turn on their cameras until and until the court grants the request. This is done by typing a summary of what the Participant wishes to declare to the court. into the webminar function “chat”

Watermarking technology will be used and recording or distribution is prohibited. Video/Audio unauthorized of the meeting to discuss this case Those who do may be investigated and prosecuted for civil or criminal offenses.

This debt break will give the Zipmex Group time and place to take a breather. to explore options for solving the liquidity situation (including to monitor recalls from Babel Finance) and to develop a restructuring plan. and additional investment protection This ensures that the Zipmex Group’s operations will continue. We would like to further inform you that at the time this statement is issued, a number of parties have expressed interest in a formal type of approval. And we also received a bond of interest. from those who may be a large number of investors and is in the process of making significant progress in negotiating with them on the structure and conditions. of their potential investment

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