Troubled cryptocurrency exchange Zipmex is offering its creditors an additional payment of 3.35 cents per dollar for initial claims the company owes its clients $97 million.
Bloomberg reported on November 29 that, “subject to the recovery,” Zipmex might increase the price from 3.35 cents to 29.35 cents per dollar. However, significant creditors oppose the proposed plan and require an independent assessment of the organization’s obligations.
According to the report, Zipmex CEO Marcus Lim declined to verify the specified particulars of a reorganization plan but acknowledged the “inaccuracies” in figures cited by the media.
During the summer of 2022, Zipmex encountered difficulties when the Southeast Asian cryptocurrency exchange initiated bankruptcy proceedings in Singapore. The organization insisted on additional time to determine how to handle its $53 million exposure to cryptocurrency lenders Babel Finance and Celsius.
Zipmex has petitioned the Singaporean court multiple times to prolong the debt moratorium. Bloomberg reports that the creditors will vote on the restructuring proposal in early December.
The exchange declares that all trading of digital assets in Thailand will cease on January 31, 2024, as of November. The Securities and Exchange Commission of Thailand has initiated an investigation into the organization since the beginning of 2023.
