Zipmex, a troubled cryptocurrency exchange, is facing the risk of losing a $100 million bailout deal as it did not receive its latest payment due on March 23. The exchange was supposed to receive $1.25 million as part of the acquisition deal with V Ventures, a subsidiary of Thoresen Thai Agencies Pcl.
According to a letter by the company, Zipmex has not received any information on when or if the latest payment will be made. The exchange is working with its advisers to decide on the next steps.
Although Zipmex has sufficient funds to pay its employees’ salaries in its Thailand, Singapore, and Indonesia branches, it may have to commence liquidation proceedings for one of its units, Zipmex Technology Co., and stop that division’s payroll if it does not receive the money.
Zipmex, which was established in 2018, provides cryptocurrency trading and investment services in Australia, Singapore, Indonesia, and Thailand. Last year, the exchange suspended withdrawals due to volatile market conditions and faced a liquidity crunch after being exposed to the troubled cryptocurrency lender Babel Finance.
In August 2022, Zipmex initiated talks with potential investors and Thailand’s financial regulator to discuss a recovery plan. By November, the platform was in advanced negotiations with V Ventures for the sale of a majority stake.
However, earlier this year, the Thai Securities and Exchange Commission (SEC)revealed that it was investigating whether Zipmex had violated local regulations by offering specific digital-asset products.
