Cryptocurrency exchange Zipmex has reportedly not received its latest payment under a buyout deal with venture capital firm V Venture. The exchange sent a letter to the company warning that it should start liquidating one of its units without the funds.
The $1.25 million payment was intended to provide working capital for the Singapore-based exchange and was due March 23. according to to Bloomberg reports. In his letter to V Venture, Zipmex said it would have to start liquidating its Zipmex Technology division and suspend salaries without an infusion of cash.
Salaries in Zipmex units in Thailand, Singapore and Indonesia will continue to be covered, the letter added. Zipmex also has operations in Australia.
Related: Digital Asset Platform Zipmex Partners with Visa in Asia Pacific
V Venture is a subsidiary of Thai shipping company Thoresen Thai Agencies, with offices in Thailand and the United States. Zipmex and V Venture reached an agreement in December for the venture to buy the exchange after lengthy negotiations.
Zipmex halted withdrawals in July after a failed acquisition deal by Coinbase. The exchange reportedly owes Zipmex $48 million and is facing liquidity problems due to its exposure to Babel Finance, which suspended withdrawals in June. I was. Zipmex also had a $5 million exposure to Celsius. In February, it suggested to investors to reverse all withdrawals.
A rescue plan for beleaguered cryptocurrency exchange Zipmex is beginning to unravel as the company fails to receive its latest payout following a $100 million venture capital acquisition. https://t.co/l6gDYpmO6I
— Bloomberg Asia (@BloombergAsia) March 24, 2023
Zipmex was granted three months of protection from its creditors in August. His V Venture deal in December sparked an investigation by the Thai Securities and Exchange Commission. I have had conflicts with the agency in the past.
Zipmex Token fell According to CoinMarketCap, it has climbed from a high of $0.1029 on March 23 to $0.057 at the time of writing.
Both Zipmex and V Venture did not immediately respond to requests for comment from Cointelegraph.
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