[Alpha Biz=(Chicago) Reporter Kim Jisun] GOFI, a local coin exchange whose debt has risen to 110 billion won in a year, is in crisis.
According to the domestic industry and the banking sector on the 21st, GOPAX sent a proposal to the Gopi creditors on the 16th to request the conversion of investment. In order to improve the current state of complete capital erosion, the main content is to convert the principal and interest of the GOFI, which is held in debt, into stocks.
GOFI is Gofax's own deposit service. In November 2022, its partner Genesis Global Capital (Genesis) stopped withdrawing money due to the FTX crisis and has not been able to repay the deposit so far.
In fact, the initial GOFI debt, which was appropriated in the 2022 settlement report, was 56.6 billion won. At that time, the price of each bitcoin was 28 million won.
However, with Bitcoin prices exceeding 72 million won, GOFI debt is held at 63.7 billion won. Even though the debt was returned about 35 billion won through the first and second repayments, the debt rather increased.
If Binance debt (36.4 billion won) and convertible bonds (8 billion won) are added together, the total debt amounts to 108.1 billion won.
GOPAX plans to solve capital erosion through this conversion of investment. The intention is to increase financial soundness by converting total debt such as GOFI unpaid money and binance loans into stocks.
Specifically, the company plans to set the amount of bonds currently made up of virtual assets at 57 million won as of midnight on Dec. 31 last year, before converting the remaining bonds into stocks based on the market price.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
