As part of its reorganization, Zipmex aims to settle debts with clients amounting to $97 million, proposing to increase payouts to 29 cents on the dollar upon financial stabilization. CEO Marcus Lim did not specify the details of the plan but pointed out discrepancies in the data. Zipmex creditors have expressed dissatisfaction with the proposed plan and are demanding an independent audit.
Zipmex's financial troubles came to light in July 2022 when the company sought creditor protection in Singapore. The exchange suspended fund withdrawals following the collapse of Terra and faced a risk of a $53 million debt to Babel Finance and Celsius Network. The company repeatedly sought court extensions for protection to develop a restructuring plan.
In December 2022, Thailand's V Ventures agreed to buy 90% of Zipmex's shares for $100 million, planning to use crypto assets to unlock user funds by April 2023. However, V Ventures failed to make the payment in March, leading to a proposal to pay Zipmex creditors 10-20% of their claims. The change in terms was explained by Zipmex's non-compliance with initial agreements.
Recently, Zipmex suspended the acceptance of deposits and trading of digital assets to comply with the requirements of the Securities and Exchange Commission of Thailand. The exchange warned clients that withdrawal requests would be processed manually until January 31, 2024.
