At the time, Zipmex had claimed it was working to address exposure of $53 million to crypto lenders Babel Finance and Celsius amid the threat of legal actions from creditors, as reported by Coindesk. Zipmex is the latest victim in a growing line of crypto firms experiencing issues after the sharp selloff in May 2022 that resulted in the collapse of Luna and TerraUSD. The exchange reportedly submitted five applications on 22nd July and sought moratoriums to prevent proceedings against Zipmex for up to six months. These filings grant relief for 30 days or until the Singapore Court decides about the applications, whichever comes first. This news follows Zipmex blocking users from taking direct custody of their coins. Zipmex, which operates in Singapore, Thailand, Indonesia and Australia, is also being investigated by Thailand’s Securities and Exchange Commission and law enforcement for potential losses for the public after Zipmex temporarily suspended withdrawals. Singapore’s crypto sector was also impacted by the collapse of crypto fund Three Arrows Capital.