According to media reports, financially troubled Thai cryptocurrency exchange Zipmex has offered creditors a repayment plan under which they could receive about 3 cents on the dollar.
The proposal comes as part of Zipmex’s restructuring as the exchange struggles to pay off debts totaling $97 million to its customers. The payout amount could be increased to 29 cents on the dollar if the company’s financial situation stabilizes. However, Zipmex’s major creditors have expressed dissatisfaction with the proposed debt repayment plan and called for an independent review of the company’s assets and liabilities.
Zipmex’s financial problems came to light as early as July 2022, when the company claimed protection from creditors under Singapore’s bankruptcy law. Exchange freezes withdrawals after Terra ecosystem collapse