After Celsius,  3AC, Voyager, Vault, BlockFi, and AEX, a significant cryptocurrency exchange Zipmex, situated in Singapore, too went under.

Fall Of Zipmex

From July 20, Zipmex ceased all operations, including withdrawals. Following this news, the native token ZMT of Zipmex took a significant knock in the cryptocurrency market.

Not Unknown Singaporean

Although most crypto specialists appear to know nothing about Zipmex, despite the fact that it had little impact on the US and European markets, the alarm bells being raised by cryptocurrency exchanges have not gone unheard.

Reason Of Fall

There isn't an obvious explanation for this, though. Since Zipmex later announced that withdrawals and deposits would be enabled again on July 21, 2022, at 18:00 (GMT+7 time), describing it as a "maintenance period," it is now unclear what the situation is. Earlier, Zipmex had cited financial difficulties of its major business partners due to a poor market.

Protection Possibility

If unable to repay the loan, a debtor in Singapore who owes at least 15k Singapore dollars may apply for bankruptcy. Celsius and Voyager, two American crypto giants, have requested Section 11 bankruptcy protection in United States. Given that Zipmex is a Singaporean firm, it might have a case there.

Thoughts

The market has already dropped so low that several exchanges are declaring bankruptcy, regardless of whether it moves up or down. Now, it is possible to urge people to retain all of their valuables in their wallets.