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Singapore Court Approves Zipmex Request for Three-Month Creditor Protection

Zipmex has been granted three months’ creditor protection by the court of Singapore. This will give the exchange time to consult with regulators and develop a strategy to address the exposure of $53 million from crypto lenders Babel Finance and Celsius.

The post Singapore Court Approves Zipmex Request for Three-Month Creditor Protection appeared first on BeInCrypto.

Zipmex has been granted three months creditor protection by the court of Singapore, giving the exchange time to consult with regulators and develop a strategy to address the exposure of $53 million from crypto lenders Babel Finance and Celsius.

This comes days after the platform filed for bankruptcy protection to focus on solving liquidity issues. Zipmex also said that it would be resuming operations last week after last month’s suspension.

The exchange is focused on Southeast Asia and is one of the latest hit by the crypto crash. The platform resumed withdrawals for some altcoins this week after it was forced to halt operations abruptly last month. The platform did not mention anything about Bitcoin (BTC) or Ethereum (ETH) withdrawals.

According to Bloomberg, Zipmex is one of at least three cryptocurrency exchanges that have filed for bankruptcy protection in recent weeks.

Zipmex battle with Babel Finance

A recent announcement by Zipmex shows that the crypto lender is now seeking $53 million from the exchange, shedding new light on its battle. In a meeting on July 20, the two parties revealed that it is Babel that is owed $53 million by Zipmex, and not the reverse.

After the meeting with Babel, the platform immediately reported the situation to the Securities and Exchange Commission in Thailand (SEC). The move allows Zipmex to take a breath and focus on its operations, reported Bloomberg.

The firm’s various entities filed five applications for moratoriums on legal actions on July 22, according to the Asset Protection Group of Zipmex’s solicitors, Morgan Lewis Stamford.

The guarantee provides Zipmex “a shield from third-party actions, claims, and lawsuits while the arrangement is in effect, allowing us to focus all of our efforts on resolving the liquidity situation without having to worry about defending possible claims or adverse actions.”

According to Zipmex, this helps prevent it from being sued by third parties during the agreement’s duration.

On Thursday, Zipmex announced it was in talks with Babel Finance to resolve the troubled lender’s debt. It also said it would write off Celsius’ debts. The company is also considering legal action and restructuring as a result of these events.

The post Singapore Court Approves Zipmex Request for Three-Month Creditor Protection appeared first on BeInCrypto.

Source: Markets – BeInCrypto

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EMAX is soaring after whopping fine on Kim Kardashian: should you buy EMAX?

EthereumMax has been pushed into the spotlight after Kim Kardashian was penalized by the…

The post EMAX is soaring after whopping fine on Kim Kardashian: should you buy EMAX? appeared first on CoinJournal.

EthereumMax has been pushed into the spotlight after Kim Kardashian was penalized by the US Securities and Exchange Commission for promoting it. 

The EMAX token is soaring as a result, having added an impressive 86% to its value in the last 24 hours.

If you are attracted to unique features and want to learn how and where to buy EMAX, this guide is for you. 

Top places to buy EMAX now

As EMAX is such a new asset, it's yet to be listed on major exchanges. You can still purchase EMAX using a DEX (decentralised exchange) though, which just means there are a few extra steps. To buy EMAX right now, follow these steps:

1. Buy ETH on a regulated exchange or broker, like eToro ›

We suggest eToro because it's one of the world's leading multi-asset trading platforms, an exchange and wallet all-in-one with some of the lowest fees in the industry. It's also beginner-friendly, and has more payment methods available to users than any other available service.

2. Send your ETH to a compatible wallet like Trust Wallet or MetaMask

You'll need to create your wallet, grab your address, and send your coins there.

3. Connect your wallet to the 1Inch DEX

Head to 1Inch, and 'connect' your wallet to it.

4. You can now swap your ETH for EMAX

Now that you're connected, you'll be able to swap for 100s of coins including EMAX.

What is EMAX?

EMAX is the token of EthereumMax, an ecosystem for a wide variety of digital assets. Its staking and liquidity options are leading it into the world of decentralised finance.

EthereumMax will be launching its own non-fungible token (NFT) marketplace in the future. They planned it in the second quarter of the year, but the project was postponed. 

EMAX, described as a culture token, is based on the ERC-20 standard. It was conceived of as a community cryptocurrency, offering financial incentives and rewards. 

Each EMAX sell transaction costs 6%, which the ecosystem’s treasury receives. Another 6% is charged to liquidity providers. If the trade is made with the Arbitrum Layer 2, this amount is halved.

Should I buy EMAX today?

Considering how hard it is to come up with an accurate cryptocurrency prediction, you should never make any decisions affecting your finances before an in-depth market analysis. Don’t invest more than you can afford to lose. 

EMAX price prediction

Analysts like DigitalCoinPrice and PricePrediction are bullish on EMAX. The former predicted an average price of $0.0000000042 in 2022 and $0.000000017 in 3 years. 

The latter is even more bullish, projecting an average price of $0.00000001 this year, $0.00000002 in 3 years, and $0.00000010 in 8 years.

EMAX on social media

The post EMAX is soaring after whopping fine on Kim Kardashian: should you buy EMAX? appeared first on CoinJournal.

Source: CoinJournal: Latest Bitcoin, Ethereum & Crypto News

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