Zipmex proposes to pay creditors 3 cents per dollar

Share This Post

The proposal came as a part of a restructuring offer from the embattled Thai crypto exchange, which owes its customers $97 million.

Embattled Thai crypto exchange Zipmex is offering its creditors 3.35 cents per dollar for initial claims, with further payouts in a recovery scenario. The proposal came as a part of the restructuring offer from the company, which owes its customers $97 million. 

According to a Nov. 29 Bloomberg report, Zipmex could raise the sum from 3.35 cents per dollar to 29.35 cents per dollar “contingent on the recovery.” However, major creditors are reportedly against the proposed scheme and demand an independent review of the company’s liabilities.

Zipmex CEO Marcus Lim refused to confirm the cited details of a restructuring scheme but mentioned the “inaccuracies” in numbers cited by journalists, the report said.

Related: Genesis strikes repayment deal with parent firm DCG to end $620M lawsuit

Zipmex got into trouble in the summer of 2022 when the crypto exchange, operating in Southeast Asia, filed for bankruptcy protection in Singapore. The company demanded time to work out how to address its $53 million exposure to crypto lenders Babel Finance and Celsius.

Zipmex has repeatedly asked the Singaporean court to extend the moratorium on its debt. According to Bloomberg, the creditors’ vote on the current restructuring plan will happen in early December.

In November, the exchange announced that all digital asset trading in Thailand would be suspended by Jan. 31, 2024. The company has been under investigation by Thailand’s Securities and Exchange Commission since early 2023.

Magazine: Real AI use cases in crypto, No. 2: AIs can run DAOs

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Ethereum Futures Show Signs of Optimism: Will Positive Funding Rates Drive a Breakout?

Ethereum recent performance in the futures market is generating optimism among traders and analysts, according to insights shared by CryptoQuant analyst ‘ShayanBTC’ As the second-largest crypto

Crypto Liquidation Hits $277M: Bitcoin and Ethereum Lead the Losses

The post Crypto Liquidation Hits $277M: Bitcoin and Ethereum Lead the Losses appeared first on Coinpedia Fintech News Today’s Crypto Market crash lead to $277,480,000 liquidation Liquidation

Florida Holds $800 Million In Crypto-Related Investments, Says CFO Patronis

In a recent interview with CNBC, Florida’s Chief Financial Officer, Jimmy Patronis, outlined the state’s increasing commitment to crypto investments This comes in light of his recent directive

Kenyan Securities Exchange Joins Hedera to Bolster Tokenization Ambitions

The Nairobi Securities Exchange has joined the Hedera Council to accelerate tokenization initiatives in Africa, leveraging the Hedera network’s technology and global reach Expediting Uptake of

Why Bitcoin Price is Down Today? High-Impact Events Spark Market Uncertainty

The post Why Bitcoin Price is Down Today High-Impact Events Spark Market Uncertainty appeared first on Coinpedia Fintech News Bitcoin (BTC) price dropped around 4 percent in the past 24 hours to

BlackRock’s Bitcoin ETF Reaches 2% Of Total BTC Supply Amid Record Inflows

On Wednesday, BlackRock, the world’s largest asset manager, achieved a significant milestone in the Bitcoin ETF market, recording the largest inflows since the inception of these investment funds