Zipmex Boss Not Willing To Resign Despite $50 Million Loss

Zipmex crypto exchange founder Marcus Lim said he will continue to serve as the chief executive officer of the firm until its new major shareholders tell him to resign.

According to an exclusive report from Financial Review, Lim is currently working on resolving the outstanding loans that the firm owes to its creditors following the collapse of crypto financial service provider Babel Finance and crypto lending firm Celsius Network.

The crypto exchange halted withdrawals last month due to a huge hole in its balance sheet but then resumed the services for some coins. Interestingly, Zipmex has to repay $53 million and the firm is willing to sell all or a part of itself to secure that amount, Bloomberg's reported.

The Asia-focused exchange was given a three-month creditor protection wherein it had to raise funds between $50 million and $80 million.

"Our conversations with various interested parties have progressed significantly. One of those parties has offered terms in an MOU which includes confidentiality obligations so as to be able to commence Due Diligence," the firm said in a Twitter post in July.

In a statement to Financial Review, Lim said he would prefer to stay on as the CEO and focus on repaying its 400,000-plus customers whole.

"This plan includes potentially bringing in new majority shareholders who may want a greater say in management decisions," Lim said. "Should this happen, my co-founder Akalarp [Yimwilai] and I have made it clear that we will fully cooperate with them and their wishes in the event they may be looking for a management change."

It was earlier reported that a minority shareholder had sent an email calling for the resignation of Lim. However, at a meeting of shareholders, no one came forward to propose the resignation of Lim or his management, the Financial Review reported.