Troubled cryptocurrency exchange Zipmex has proposed paying creditors 3.35 cents on the dollar in its latest restructuring plan, according to Bloomberg, which cites people familiar with the matter.

The figure could rise to as high as 29.35 cents on the dollar depending on recoveries in relation to its debt restructuring plan. The proposals have been pushed back by major creditors, who have requested a review of Zipmex's assets and liabilities, Bloomberg reported. The Singapore-based exchange has $97.1 million of debt, the report said.

Zipmex CEO Marcus Lim told Bloomberg the information contained inaccuracies. He did not immediately respond to CoinDesk's request for comment.

Zipmex froze withdrawals in July 2022 after it was struck by market-wide contagion following the collapse of the Terra ecosystem and subsequent crypto lenders. Zipmex lost $48 million after lending it to Babel Finance with an additional $5 million in exposure to bankrupt Celsius Network.

It was one of several crypto firms that applied for creditor protection as it sought to raise external capital to fill the void left by its losses. Zipmex reportedly agreed to a $100 million deal with V Ventures, a Thailand-based venture capital firm, only for that deal to stall after V Ventures missed one of its scheduled payments in March.