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Crypto Exchange Zipmex to Seek Creditor Support for Recovery Process: Source
The goal is to fully reactivate customer withdrawals once creditors have approved the plan in a vote.
Updated May 9, 2023, 4:04 a.m. Published Dec 16, 2022, 4:15 p.m.
Zipmex, the South Asian crypto exchange that froze withdrawals owing to a lack of liquidity during the summer, is planning to undergo a recovery process whose end goal is to fully reactivate customer withdrawals, a person familiar with the matter told CoinDesk. The plan is subject to approval by Zipmex's creditors in a vote, the person said.
The recovery process is an arrangement – exact details of which have not been disclosed – which Zipmex expects to be effective around early April of next year, when its creditor protection ends.
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As part of its effort, the exchange hopes to simplify the process by offering "a more administratively light solution" in the form of a private settlement between Zipmex and the customer, the person told CoinDesk.
At the start of this month, the exchange secured creditor protection for all its entities until April. It was also reported that Zipmex was nearing a $100 million buyout deal with venture capital fund V Ventures giving the fund a 90% stake in the exchange.
Zipmex was caught in the headlights of the downturn in the crypto market in June, when loans worth $53 million to Babel Finance and Celsius Network failed to be repaid. Zipmex hired Australian restructuring firm KordaMentha to put together a recovery plan in August.
Established in 2018, Zipmex offers crypto trading and investment services in Thailand, Indonesia, Singapore and Australia.
Read more: Genesis Creditors Hire Lawyers to Find Ways to Prevent Crypto Brokerage's Bankruptcy: Bloomberg
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