Troubled cryptocurrency exchange Zipmex has offered its creditors nearly 30 cents on the dollar in claims as part of its restructuring plan.
Embattled cryptocurrency exchange Zipmex has offered its creditors 29.35 cents on the dollar as the company looks for new options to stay afloat under the revised restructuring plan, Bloomberg has learned, citing sources familiar with the matter.
According to the report, key creditors do not agree with the terms of the new proposal and are demanding an independent audit of Zipmex’s balance sheet. Details of Zipmex’s latest payment plan will not be approved or rejected until early December 2023, sources say. Zipmex group boss Marcus Lim did not go into details, but told Bloomberg in a comment that sources obtained inaccurate information.
Previously, crypto.news reported that Zipmex decided to suspend all digital asset trading activities in Thailand until January 31, 2024. It was reported that the decision to stop trading and depositing assets was made to ensure compliance with the regulatory requirements established by the Stock Exchange and Securities. Commission (SEC) of Thailand.
In September 2022, the SEC filed a local police report against Zipmex, alleging non-compliance with local laws and accusing the exchange and its co-founder Akalarp Yimwilai of operating outside digital asset trading regulations without permission from the SEC. The accusations included persuading clients to use Singapore-based Zipmex Pte. Ltd.
Thailand-based Zipmex filed for bankruptcy in Singapore in July 2022 after disclosing $50 million in exposure to defunct cryptocurrency lenders Celsius and Babel Finance.
