Million

Zipmex

Zipmex, a Thai crypto exchange currently facing financial distress, has <a href="https://www.bloomberg.com/news/articles/2023-11-29/ailing-crypto-firm-zipmex-makes-another-attempt-at-restructuring?sref=323RPL5z#xj4y7vzkg" target="_blank" rel="noopener nofollow">proposed</a> a restructuring plan that includes paying its creditors a fraction of their original claims. According to Bloomberg, the exchange is offering its creditors “about 3.35 cents” on the dollar of their initial claims. 
This offer forms a key part of the company’s restructuring strategy as it grapples with $97 million owed to its customers. 
<h2 id="restructuring-proposal-and-creditors-response">Restructuring Proposal And Creditors’ Response</h2> 
This restructuring proposal, while offering some relief, falls significantly short of the total amount owed. Zipmex’s move to offer such a percentage of repayment reflects its current financial challenges. 
The company’s CEO, Marcus Lim, has refrained from confirming the exact details of this restructuring plan but has noted discrepancies in the figures reported by the media. 
According to Bloomberg, major creditors of Zipmex have expressed their discontent with the proposed repayment plan. They call for an <a href="https://bitcoinist.com/thailand-targets-crypto-traders-with-new-tax-policy/" target="_blank" rel="noopener ">independent review</a> of the company’s assets and liabilities, indicating a lack of confidence in the figures. 
Furthermore, the proposal suggests increasing the repayment from 3.35 cents to 29.35 cents per dollar, but this is “contingent on the recovery” of the company’s financial status. 
<h2 id="zipmex-s-struggle-for-stability">Zipmex’s Struggle For Stability</h2> 
Zipmex’s financial woes became public in August 2022 when it <a href="https://bitcoinist.com/crypto-exchange-zipmex-three-month-protection/" target="_blank" rel="noopener ">filed for bankruptcy protection in Singapore</a>, citing difficulties stemming from its $53 million exposure to crypto lenders Babel Finance and Celsius. This move came after the <a href="https://bitcoinist.com/winter-came-for-house-zipmex/" target="_blank" rel="noopener ">exchange suspended withdrawals</a> in early July. 
In the ensuing months, Zipmex has faced ongoing challenges, navigating through a complex financial landscape. The exchange has repeatedly <a href="https://zipmex.com/announcements/important-announcement-180423/" target="_blank" rel="noopener nofollow">petitioned the Singaporean court for extensions</a> on its debt moratorium, reflecting the precarious nature of its financial standing. 
The anticipation surrounding the outcome of the creditors’ vote on the proposed restructuring plan, scheduled for early December as disclosed by Bloomberg, underscores the critical juncture at which Zipmex finds itself. 
Adding to these complexities, Zipmex recently <a href="https://web.facebook.com/photo.php?fbid=328159793256575&amp;set=a.240342025371686&amp;type=3&amp;_rdc=1&amp;_rdr" target="_blank" rel="noopener nofollow">announced</a> a pause in its <a href="http://Crypto Triumph: Thailand’s Second-Largest Bank Seizes Control Of Local Exchange" target="_blank" rel="noopener nofollow">trading operations in Thailand</a>. This decision, effective from November 25, 2023, at 1:00 PM, was taken to ensure compliance with the <a href="https://bitcoinist.com/thailand-to-ban-crypto-staking-and-lending/" target="_blank" rel="noopener ">regulatory framework</a> set by Thailand’s Securities and Exchange Commission (SEC). 
The official statement from Zipmex elaborated on the need for this suspension, emphasizing adherence to the SEC’s regulations and criteria.&nbsp;In light of this suspension, the exchange has advised its customers on alternative withdrawal procedures. The company said in the&nbsp;statement: 
<blockquote>
 After January 31, 2024, when the company suspends withdrawals through the website and mobile application, customers are required to contact Customer Support for withdrawals.
</blockquote> 
<img loading="lazy" decoding="async" src="https://www.tradingview.com/x/V0rajhuC/" alt="The global crypto market cap value on TradingView amid Zipmex news" width="2770" height="1496"> 
Featured image from Unsplash, Chart from TradingView

Debt Dilemma: ZipMex Offers Creditors 3.35 Cents Per Dollar Owed In $97 Million Fiasco

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Bitcoinist

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