Troubled cryptocurrency exchange tries to defend itself against a lawsuit with the owners of cryptocurrency stored on the company’s accounts

Representatives of the South Asian cryptocurrency exchange Zipmex have filed 5 applications for a moratorium (deferral of obligations) to protect themselves from litigation with their clients, whose funds are currently frozen on Zipmex accounts.

According to Singapore law, an automatic 30-day moratorium is triggered upon filing an application, thus Zipmex Group representatives are trying to delay the start of litigation against the platform. At present, Morgan Lewis Stamford LLC lawyers representing Zipmex are trying to get the thirty-day moratorium extended to six months.

As it became known earlier, the Securities and Exchange Commission of Thailand (SEC) has launched an investigation into the reasons for freezing the withdrawal function for more than 2 million customers of the Zipmex cryptocurrency platform. Earlier, the crypto exchange announced the freezing of the withdrawal function for its clients, and then partially resumed its work. Zipmex is «going through hard times» after the bankruptcy of Babel Finance and Celsius Network — the amount of Zipmex’s claims to these platforms is $ 48 million and $ 5 million.