Zipmex explains asset-withdrawal scheme

The Thai cryptocurrency exchange Zipmex will resume withdrawals after the takeover deal closes.

We would like to inform you that the scheme documents have already been sent out via email to all eligible creditors of Zipmex by our scheme manager KordaMentha.

Read more for voting details 👉 https://t.co/PaAvxXhOZA pic.twitter.com/tGhjvbxLVO

— ZIPMEX (@zipmex) February 20, 2023

Applications will be accepted until February 21, 2023.

“Creditors will receive 100% of their digital assets in the Z wallet after we provide full access to them following the approval of the scheme and the closing of any investment deals,” the exchange representatives said.

Zipmex faced a liquidity crunch after problems at its partners — Babel Finance and Celsius Network. On July 20, 2022, it suspended withdrawals, citing an external “confluence of circumstances” beyond its control.

A few days later the exchange partially resumed deposits and withdrawals, and later appealed to the Singapore court for protection from creditors. On August 15 the platform secured продления моратория до 2 декабря.

In November it emerged that Zipmex was close to signing a $100 million agreement with venture firm V Ventures — the exchange’s current investor.

A month later, the latter proposed to acquire 90% of the platform.

In comments to CoinDesk, Zipmex CEO Marcus Lim said that no final agreement had yet been reached with the venture firm.

“We are making good progress, but the deal is not yet completed,” he said.

The Thai Securities and Exchange Commission has filed a police report against Zipmex and its co-founder Akalarp Yimvilai.