Embattled Thai cryptocurrency exchange, Zipmex, has proposed a restructuring offer to its creditors. The exchange, which owes its customers $97 million, is offering 3.35 cents per dollar of initial claims, with the potential for further payouts in a recovery scenario. However, major creditors are reportedly opposed to the proposed scheme and are demanding an independent review of the company’s liabilities. Zipmex CEO, Marcus Lim, has not confirmed the details of the restructuring scheme but has mentioned inaccuracies in the numbers cited by journalists. The exchange filed for bankruptcy protection in Singapore in the summer of 2022 and has been requesting extensions on its debt moratorium. A vote on the current restructuring plan is expected to take place in early December. In November, Zipmex announced the suspension of all digital asset trading in Thailand by January 31, 2024, and has been under investigation by the local Securities and Exchange Commission since early 2023.

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Information	Details
Geography	Asia
Countries	🇹🇭 🇸🇬
Sentiment	negative
Relevance Score	1
People	None
Companies	Babel Finance, Singaporean court, Celsius, Securities and Exchange Commission, Zipmex
Currencies	None
Securities	None