Zipmex says it may resume 100% of Z wallet withdrawals subject to conditions

According to a caller press release connected Feb. 15, Thai cryptocurrency speech Zipmex stated that it sent a caller strategy to each firm's eligible creditors done its strategy manager KordaMentha. As told by Zipmex, the creditors person until Feb. 21, 2023 to ballot connected the strategy and "will person 100% of their integer assets successful the Z Wallet" if the strategy is approved and the cryptocurrency closes its pending concern deal. 

Last July, Zipmex filed for debt relief successful Singapore aft its counter-party and crypto lending steadfast Babel Finance halted withdrawals, citing "unusual liquidity pressures." The speech was besides impacted by the bankruptcy of crypto lending steadfast Celsius. Together, the 2 counterparties beryllium Zipmex $48 cardinal and $5 million, respectively. 

Zipmex subsequently paused withdrawals connected its level aft the revelations past July. However, withdrawals were resumed wrong 2 days for its fiat currency and trading funds work Trade Wallet. That said, the firm's Z Wallet, utilized for Zipmex services and receipt of net and bonuses, remains successful the indebtedness moratorium authorities with gradual resumption of withdrawals.

Cointelegraph antecedently reported connected Dec. 2, 2022, Thai Venture Capital V Ventures will acquire Zipmex for $100 cardinal successful currency and crypto. According to tribunal documents, Zipmex plans to usage cryptocurrency assets received from the transaction to unlock frozen lawsuit accounts connected the speech by April 2023. Subsequent to the development, connected Jan. 11, 2023, the Securities and Exchange Commission of Thailand began a caller probe of Zipmex, alleging a breach of section rules. The regulatory bureau has besides warned investors to cautiously reappraisal documents issued by the institution earlier making a deal.