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Crypto Exchange Zipmex Appoints Restructuring Firm to Forge Recovery Plan
KordaMentha has been appointed as Zipmex's financial adviser to oversee a recovery plan.
Updated May 9, 2023, 3:54 a.m. Published Aug 26, 2022, 10:52 a.m.
Singapore-based cryptocurrency exchange Zipmex has appointed a restructuring firm to assist with a recovery plan after it was forced to halt withdrawals and file for protection from creditors in July.
Australian firm KordaMentha will work with the exchange's solicitors, Morgan Lewis Stamford, on how best to reorganize the company and preserve assets, the exchange said in a statement on its website.
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In a separate announcement, Zipmex said it is in "advanced talks" with two potential investors. The exchange added that it has asked to meet with Thailand’s Securities Exchange Commission to present the potential investors and a recovery plan.
In July, Thailand's SEC asked Zipmex for clarity in relation to assets under management after withdrawals were frozen.
Zipmex is one of many crypto companies that withered as the market slid earlier this year. Bitcoin fell from $69,000 to $17,000 in six months, bankrupting lenders including Celsius Network and Voyager Digital while Singapore-based hedge fund Three Arrows Capital imploded. Zipmex loaned $48 million to Babel Finance, also a crypto lender, and $5 million to Celsius, none of which has been repaid.
On Aug. 15, Zipmex received three months of creditor protection in Singapore, granting it time to devise a recovery strategy. The firm has started to reopen withdrawals, with customers now being allowed to transfer 0.0045 BTC ($96) to their Trade wallets from the previously locked Z wallets with other tokens also available.
A virtual town hall is planned to take place before Sept. 15.
Neither Zipmex nor KordaMentha immediately responded to CoinDesk's request for comment.
UPDATE (Aug. 26, 15:14): Adds details of two potential investors, Zipmex's proposed meeting with Thailand's SEC.
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