Zipmex, plans to restart customer withdrawals once a deal signed with a venture capital firm last month is finalized.
Someone with knowledge of the issue claims that Zipmex and V Ventures have agreed on a price of $100 million for Zipmex to acquire the crypto exchange.
The money from the acquisition will be used by the crypto exchange to release customer cash that have been frozen since July of last year. On February 19, Zipmex revealed that it was offering its customers a say in a plan that would allow them to receive 100% of their frozen assets returned.
In order to create a recovery strategy after being forced to stop withdrawals in July 2022 due to the failure of Babel Finance and Celsius Digital, Zipmex contacted the Australian restructuring firm KordaMentha.
The cryptocurrency exchange, which has offices in Australia, Indonesia, Thailand, and Singapore, had lent Celsius Digital and Singapore-based Babel Finance more than $53 million.
When both companies failed to make their loan payments, the cryptocurrency exchange experienced a liquidity crisis. The exchange’s Indonesian unit has effectively resumed business operations, according to Erdina Oudang, head of public policy at Zipmex, and customers’ access to their funds has been reactivated.
The crypto exchange has reopened its cryptocurrency exchange and granted full Z Wallet access once again, enabling all Zipmex customers in Indonesia to purchase and sell over 90 different cryptocurrencies, according to Oudang, who spoke at an event on February 16 to present the exchange’s 2023 roadmap.
Customers mostly used Zipmex’s Z Wallet to earn new cryptocurrency and receive bonuses. The wallet also acted as a gateway to other Zipmex goods and services, enabling the exchange to quickly accrue a sizable clientele.
Before they may vote for the recovery scheme, qualified Zipmex users must send the value of the cryptocurrency stored in their Z wallets, claims KordaMentha.
Additionally, the crypto exchange has requested an extension of a moratorium to stop creditors from suing company in the hopes of getting its house in order.
Akalarp Yimwilai, the exchange’s co-founder, is currently being looked into by Thailand’s Securities and Exchange Commission (SEC) for allegedly breaking securities rules, even as the exchange struggles to deliver payments to its customers.
