Zipmex investors propose returning only 10-20% of funds to creditors as the Asian exchange’s deadline for creditor protection expires on April 23.
According to Bloomberg, Zipmex’s unidentified investors want its creditors to take a 90% cut. The investors pledged to repay creditors fully, but now they claim that some requirements of the original agreement were not satisfied.
Hence their demand for a new agreement.
Is V Ventures the Secret Investor in Zipmex?
Zipmex has yet to disclose the name of the new investor in the court filing. But a person with direct knowledge told Bloomberg that V Ventures is believed to be the unnamed investor mentioned in the court document.
Last month, BeInCrypto reported that the Thai fund could not complete its $100 million buyout of Zipmex. It was because the company did not pay an installment of $1.25 million on March 23.
Zipmex filed for Singapore bankruptcy protection in July last year. The exchange paused withdrawals as it was one of the victims of the contagion caused by the collapse of the Terra Luna ecosystem. The failure of Voyager Digital and Babel Finance also severely impacted its liquidity.
The deadline for Zipmex’s creditor protection expires on April 23. On March 30, the court granted a three-week extension of the creditor’s protection.
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Author: Harsh Notariya
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