Zipmex proposes to pay creditors 3 cents per dollar
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
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Orbiter Finance collaborates with the Ethereum Foundation and the University of California, Santa Barbara to enhance the security model of bridging p
Since its establishment in 2021, Orbiter has been deeply exploring security, aiming to become a reliable infrastructure in the cross-chain field.
OXTUSDT now launched for futures trading and trading bots
Bitget has launched OXTUSDT for futures trading with a maximum leverage of 25, along with support for futures trading bots, on November 25, 2024 (UTC+8). Welcome to try futures trading via our official website (www.bitget.com) or Bitget APP. OXTUSDT-M perpetual futures: Parameters Details Listing t
Bitget Spot Bot adds CHEEMS/USDT
We are pleased to announce that Bitget spot bot has now added: CHEEMS/USDT. Reference 1. Spot grid 2. Crash course on Spot Grid Disclaimer Despite high growth potential, cryptocurrencies still face high risks and volatility. You are strongly advised to do your own research as you invest at your own
UNHCR And Cardano Foundation Drop An NFT Series To Aid Refugees & Young Artists