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Zipmex, a Troubled Cryptocurrency Exchange, Proposes to Pay Creditors 3.35 Cents on the Dollar: Bloomberg

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The restructuring plan has been rejected by major creditors, who have requested an independent examination.

According to Bloomberg, the troubled cryptocurrency exchange Zipmex has suggested paying creditors 3.35 cents on the dollar in its latest restructuring proposal, citing people familiar with the subject.
Depending on the results of its debt restructuring plan, the amount might grow to 29.35 cents on the dollar. Major creditors have objected to the proposals, requesting a reassessment of Zipmex’s assets and liabilities, according to Bloomberg. According to the study, the Singapore-based exchange owes $97.1 million.

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According to Zipmex CEO Marcus Lim, the information was inaccurate.

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In July 2022, Zipmex froze withdrawals due to market-wide contagion caused by the collapse of the Terra ecosystem and subsequent crypto lenders. Zipmex lost $48 million after financing to Babel Finance, and it also had a $5 million exposure to the defunct Celsius Network.

It was one of numerous cryptocurrency companies that sought creditor protection in order to obtain external cash to fill the hole left by its losses. Zipmex allegedly agreed to a $100 million transaction with V Ventures, a Thailand-based venture capital firm, only for the deal to fall through after V Ventures failed to make one of its regular payments in March.CRYPTOCASTER® - DECENTRALIZED FREEDOM!


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