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Thai crypto exchange Zipmex reportedly offers creditors nearly 30 cents on dollar

Troubled cryptocurrency exchange Zipmex has proposed its creditors nearly 30 cents per dollar of claims as part of its restructuring plan.

Embattled crypto exchange Zipmex has offered its creditors 29.35 cents per dollar as the firm is seeking 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, demanding an independent audit of Zipmex’s balance sheet. Details of Zipmex’s latest repayment plan will be approved or denied through early Dec. 2023, sources say. Zipmex’s Group head Marcus Lim did not go into details, but told Bloomberg in a commentary that the sources have obtained inaccurate information.

Earlier, reported that Zipmex decided to suspend all digital asset trading activities in Thailand until Jan. 31, 2024. The decision to halt trading and depositing of assets was reportedly made to ensure compliance with the regulatory requirements established by the Securities and Exchange Commission (SEC) of Thailand.

In Sept. 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 business regulations without permission from the SEC. The accusations included persuading customers to use Singapore-based Zipmex Pte.

Thailand-based Zipmex filed for bankruptcy protection in Singapore in July 2022 after disclosing $50 million in exposure to defunct crypto lenders Celsius and Babel Finance.

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