Another one bites the dust? Nasdaq-listed crypto exchange Eqonex seeks court protection

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Blockchain
Another one bites the dust? Nasdaq-listed crypto exchange Eqonex seeks court protection

Eqonex — a crypto exchange listed on United States stock exchange, Nasdaq — filed for judicial management with the Singapore high court.

Eqonex announced in a statement to shareholders that it “filed a voluntary application with the High Court of the Republic of Singapore to place the Company into judicial management.” The firm’s Hong Kong-based entity was already placed into creditors’ voluntary liquidation.

In a separate U.S. regulatory statement, Eqonex noted that the court filing was made under provisions for insolvency, restructuring and dissolution. The company is in negotiations with potential investors to equity financing through the issuance of new shares and is in talks with Bifinity to extend a loan provision, but “despite the group’s best efforts, these negotiations have not been successful.”

Eqonex is just one of the many company going bankrupt after FTX — once one of the world’s top crypto exchanges — fell crashing the whole market with it and leaving over a million creditors.

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Adrian Zmudzinski

Adrian Zmudzinski is a cryptocurrency journalist with over 3,000 articles under his belt. He is passionate about cryptocurrencies, digital rights, information technology and futurology — the things that he likes to cover the most. Adrian previously reported for Cointelegraph and Benzinga.