The Coin Telegraph website reported that Zipmex A Thai crypto exchange is preparing a settlement offer to clients worth a total of $97 million, or about 3.4 billion baht.
Meanwhile, Bloomberg news agency (Bloomberg) reported that Zipmex may increase the amount of debt repayments from 3.4%, which is worth 3.35 cents, or 1.22 baht per 1 dollar, to 28.5%, which is worth 29.35 cents, or about 10 baht per dollar. Dollar, with conditions “depending on recovery”
On the other hand, it has been reported that Zipmex’s major creditors are opposed to the proposed project. and called for an independent review of the company’s debts. Zipmex CEO Marcus Lim declined to confirm the details of the restructuring project. But he described the figures reported by reporters as “inaccurate.”
Letting go of investors?
News source from Zipmex came out to talk about the lack “Efficiency” and good governance in managing the company’s crypto business Stating that during March-April Zipmex There is contact with investors or Thai capital groups in transferring assets from zipmex Thailand to zipmex Singapore.
Through the story “Story” that the money that disappeared This comes from the damage that occurred from investing in Babel Finance, even though in fact the financial information was comparable.
Because back in July 2022, Zipmex had issued a statement explaining the numbers of money invested in Babel and Celsius and stated that they were evaluating options according to the situation that occurred. It was found that the accounting copies of the funds did not match Babel’s, as Zipmex had initially said.
In addition, it was found that “executives” of Zipmex had transferred and withdrawn more than 350 million baht of assets in Zwallet before then locking the withdrawals in Zwallet, which means knowing what the future will be like. Therefore, he had to rush to escape from seizing the said sum of money to repay creditors. Which is no different from falling on a mattress. Because it is equivalent to leaving investors or creditors, according to the interpretation of the law, to face their fate. Meanwhile, business owners have already saved themselves.
Why does Zipmex Indonesia refund customers 100%?
However, network businesses Zipmex in Indonesia Instead, they took responsibility for managing their existing assets at a “good” level. It was found that they were gradually paying back 100% of their money to customers, but in exchange for this they had to take strict legal measures. is the revocation of the digital asset business license that is in the hands of SEC that may cause Zipmex will be revoked and will face serious prosecution in the future
Everyone will get 100 percent back.
In the past, victims have sought to recover assets from executives or CEOs. Zipmex All along, the answer received is “Everyone will get 100 percent back” because now a plan has been submitted for business rehabilitation. Going to the Singapore Court Everyone is waiting with hope even though it’s been a long time.
But after a year and a half, no money was received as reported to the customer. Because he couldn’t find investors. Because the rehabilitation request has a plan period. But when the plan is not successful within the time specified by the court, it expires and a new plan must be created.
But soon, the dreams of investors had to be shattered after on 20-21 August 2022, the company submitted a second rehabilitation plan to request the rehabilitation of Zipmex Asia Pte Ltd and Zipmex Pte Ltd, which is a company in Both Singapore and Zipmex Australia Pty Ltd (registered in Australia)
But Zipmex Thailand and PT Zipmex Exchange Indonesia (registered in Indonesia) were not included in the second recovery plan, citing that they were unable to completely follow the original plan. Because old investors canceled Therefore having to cancel all old plans.
Announcement of temporary trading suspension
By the latest movement of the group of companies Zipmex An announcement was made. Temporarily suspend trading and deposit assets Effective immediately on 25 November 2023.
As ordered by the SEC in accordance with Section 16/ 1(3) of the said announcement, Zipmex must take steps to be able to maintain its capital status as specified. and taking into account the interests of customers as important By requesting that a plan to solve capital maintenance problems be submitted to the SEC, proceed according to the plan to solve capital maintenance problems submitted to the SEC in accordance with (1) in order to be able to return to maintaining funds. funds within the said plan period
and emphasize that Must proceed in order for customers to be able to withdraw or transfer assets in baht and digital assets There were no obstacles in doing so and allowed Zipmex to prepare the work system. and personnel in sufficient numbers to maintain the customer’s property and carry out the customer’s wishes according to item (3).
In this case, all customers can also withdraw baht and assets. Digital assets in the Trade Wallet via the Zipmex website and mobile applications as usual until January 31, 2024. However, in the case of trade-only digital assets (Trade Only), please contact through officials. Customer Support to process withdrawals only.
and after January 31, 2024, when Zipmex suspends asset withdrawals via its website and mobile applications. Customers must contact through Customer Support staff only. Digital assets may take 7-14 days for the withdrawal process to be completed.
The root cause of the board falling problem
Going back to the beginning, the crypto market recession in 2022 resulted in a severe liquidity shortage for Zipmex Asia. Until having to stop withdrawing money and closed the Z Wallet digital asset deposit account, which still had many customers with residual assets in it The digital assets in Z Wallet were deposited by Zipmex to other lending platforms, but those platforms went bankrupt.
According to a report from Zipmex Thailand, more than 2,000 million baht was deposited with trading partners Babel Finance and Celsius. Both platforms have since declared bankruptcy. Customers who deposited money in Z Wallet have not yet received it back.
Zipmex then entered the rehabilitation process. In this process This makes the status of customers who have deposited money in Zipmex and have not yet withdrawn their money become “creditors”.
“Zipmex” is the only digital asset trading platform in the Asia Pacific region that is regulated by government agencies in 4 countries: Thailand, Singapore, Indonesia and Australia. Zipmex Thailand is considered one of the crypto platforms with The second largest share in the market, holding approximately 30% of the market share.
#Unraveling #issue #Zipmex #offers #pay #total #debt #announces #trading #halt #sign #refunds