Embattled digital assets exchange Zipmex, whose restructuring plan was approved by a Singapore court last week, reported losses of S$23.75 million ($17.77 million) on the back of significantly higher expenses during the financial year ended December 31, 2021, a recent regulatory filing shows.
The losses marked a 400% jump over the previous year, according to its filings with Singapore’s Accounting and Corporate Regulatory Authority (ACRA). Total operating expenses ballooned over seven times to S$36 million, with employee compensation taking up a major chunk of it at S$10.7 million.