SINGAPORE -- Thailand-based cryptocurrency exchange Zipmex said it has filed for bankruptcy protection in Singapore after having more than $50 million in exposure to Celsius and Babel Finance, crypto lenders that have taken hits from plunging digital token prices.
The company has scheduled a conference with creditors for Friday, two days after announcing on its website that Morgan Lewis Stamford, its Singapore solicitor, had filed five applications under the city-state's Insolvency, Restructuring and Dissolution Act on behalf of several Zipmex entities.
