Zipmex’s Latest Plan: Cents on the Dollar and a Dash of Controversy

Bloomberg Reports Troubled Crypto Exchange Zipmex Offers Creditors 3.35 Cents per Dollar

Crypto exchange Zipmex offers 3.35 cents per dollar to its troubled creditors, reports Bloomberg.

It seems like Zipmex, the troubled cryptocurrency exchange, is attempting to do some finance acrobatics to get back on its feet. According to insiders, they have proposed an offer to pay their creditors a mere 3.35 cents on the dollar in their latest restructuring plan. Talk about shooting for the stars! But hold on, folks, because here comes the kicker – if things magically improve for Zipmex, that meager sum could soar up to a whopping 29.35 cents on the dollar. Now that’s what I call a financial rollercoaster!

Naturally, major creditors were not too thrilled about this “generous” offering. They demanded a full-on review of Zipmex’s assets and liabilities. Can you blame them? When you owe a whopping $97.1 million, a pocketful of change probably won’t cut it. So, Zipmex’s fate hangs in the balance as creditors decide whether they want to roll the dice on this brave (or perhaps foolish) plan.

But hold up, Zipmex CEO Marcus Lim has a bone to pick with all this talk. He claims that the Bloomberg report contains inaccuracies. Oh, the plot thickens! It’s like a never-ending drama, and we can’t wait to see how this unfolds. Curiouser and curiouser!

Now, let’s rewind a bit. In case you missed the memo, Zipmex froze withdrawals back in July 2022. They were hit hard by the market-wide contagion that followed the collapse of the Terra ecosystem and a string of unfortunate events involving crypto lenders. We’re talking about a loss of $48 million here, folks! And if that wasn’t enough, they also had a cheeky $5 million exposure to the bankrupt Celsius Network. Yikes!

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Desperate times call for desperate measures, my friends. Zipmex, like other crypto firms facing financial turmoil, sought creditor protection and tried to woo external investors to plug the gaping hole in their finances. They almost had a sweet $100 million deal with V Ventures, a Thailand-based venture capital firm. But alas, fate had other plans, and the deal hit a snag when V Ventures missed a scheduled payment. Oopsie daisy!

So, to all the users and investors who are hanging on the edge of their seats, eagerly awaiting the outcome of Zipmex’s ambitious proposal, we say: Good luck! May the cryptocurrency gods shine their digital light upon you and may cents on the dollar turn into mountains of moolah. Keep your fingers crossed and your wallets ready. And as always, we’ll keep you in the loop because, let’s face it, the crypto world is never short on surprises!

Psst, hey you! Have you ever found yourself in a pickle with cryptocurrency investments? Share your experiences and let’s commiserate together! Just drop a comment below.

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