ZipMex

📰 Singapore cryptocurrency exchange ZipMex (ZMT), which applied for corporate rehabilitation and received a creditor protection order a year ago, has reportedly filed a lawsuit against the court and submitted a debt restructuring plan. The plan proposes an initial repayment of approximately 3.35 cents per dollar of debt, with the possibility of further adjustments up to 29.35 cents per dollar. The creditor vote is expected to take place privately in early December. 💼💰 #ZipMex #CryptocurrencyExchange #DebtRestructuring

Former Zipmex Thailand CEO Akarlap Yimwilai faces serious accusations of fraud and deception from the Thai SEC.

He's suspected of illegally transferring customer funds overseas before informing users about changes in terms, violating regulations and potentially constituting fraud.

An SEC investigation uncovered discrepancies between reported and actual funds, leading to accusations of false statements and fraudulent activities. This resulted in a swift shutdown of Zipmex Thailand's trading and app, leaving users in limbo.

While legal action is recommended against Yimwilai, the SEC emphasizes due process. This case highlights the regulatory scrutiny faced by crypto exchanges and the importance of transparency and compliance.

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#crypto #cryptocurrency #cryptonews #thailand #zipmex