Zipmex claims it may resume 100% Z wallet withdrawals, subject to conditions
The creditors have until February 21st, 2023 to vote on a new company scheme. News Collect this article as a NFT. According to a press release, Zipmex, a Thai cryptocurrency exchange, stated that it had sent a new scheme through its scheme manager KordaMentha to all eligible creditors. Zipmex stated that creditors have until February 21, 2023 to vote on this scheme and that they will receive 100% of their digital assets through the Z Wallet if the scheme gets approved and the cryptocurrency closes the pending investment deal. Zipmex filed in Singapore for debt relief last July after Babel Finance, a counter-party and crypto lending company, stopped withdrawals citing “unusual liquidity constraints”. The bankruptcy of Celsius, a crypto lending company, also affected the exchange. The two counterparties owe Zipmex $5 million and $48 million, respectively. After the revelations in July, Zipmex stopped withdrawals from its platform. For its trading funds service Trade Wallet and fiat currency, withdrawals were reopened within two days. That said, the firm’s Z Wallet, used for Zipmex services and receipt of earnings and bonuses, remains in the debt moratorium state with gradual resumption of withdrawals.Cointelegraph previously reported on Dec. 2, 2022, Thai Venture Capital V Ventures will acquire Zipmex for $100 million in cash and crypto. According to court documents, Zipmex plans use the cryptocurrency assets from the transaction to unlock the accounts of its customers on the exchange by April 2023. The Securities and Exchange Commission of Thailand opened a new investigation into Zipmex on Jan. 11, 2023. They alleged that Zipmex had violated local rules. Investors are also advised by the regulatory agency to carefully read any documents issued by Zipmex before making a purchase.