Zipmex, a Singapore-based cryptocurrency exchange that recently filed for bankruptcy protection, has appointed Australian restructuring firm KordaMentha to oversee a recovery plan.The move comes after Zipmex decided to freeze customer withdrawals in July due to "volatile market conditions." It disclosed loan exposure worth a total of $53M to Celsius Network and Babel Finance, both of which were forced to halt withdrawals due to liquidity issues.Meanwhile, KordaMentha will collaborate with Zipmex's management and solicitors, Morgan Lewis Stamford, to "ensure that the optimal outcome for the restructuring of the Group can be achieved," the exchange wrote in a blog post.A virtual town hall meeting has been scheduled at some time before September 15.Separately, Zipmex said Friday that it's in advanced negotiations to finalize a deal with potential investors, adding that it has requested a meeting with Thailand's Securities Exchange Commission to introduce the investors as well as a recovery plan.Zipmex nor KordaMentha did not immediately respond to a request for comment by Seeking Alpha.In the beginning of August, Zipmex to let users withdraw solana, cardano, ripple tokens.
