After weeks of rumors, cryptocurrency exchange Zipmex stated that it has filed for bankruptcy protection in Singapore in response to mounting legal threats from creditors.
The Thailand-based crypto exchange is reported to have more than $50 million in exposure to Babel Finance and Celsius, crypto lenders that have been suffered from the turmoil plaguing the crypto markets.
Babel stopped withdrawals at the middle of last month in response to liquidity pressures caused by over leveraged crypto businesses such Three Arrows Capital and Celsius Network.
