Thai Crypto Exchange Zipmex's $100 Million Bailout Stumbles as Payment Missed

cryptonews.com:

Troubled crypto exchange Zipmex's $100 million bailout deal is in jeopardy as the exchange has not received its latest payment due March 23. 

The exchange was slated to receive $1.25 million on Thursday as part of its $100 million acquisition deal with V Ventures, a subsidiary of Thoresen Thai Agencies Pcl. However, Zipmex is yet to receive the latest payment, Bloomberg reported, citing a letter by the company. 

In the letter, Zipmex said it hasn’t received any hint on “when and whether” the latest payment will be made and said it’s working with its advisers on the next steps.

The exchange said it has the needed cash to pay employee salaries in its Thailand, Singapore, and Indonesia branches. However, it would have to start liquidation proceedings for a unit, Zipmex Technology Co., and suspend that division’s payroll unless it gets the money.

According to the letter, Zipmex has been receiving three tranches of funding. 

Established in 2018, Zipmex offers crypto trading and investment services in Thailand, Indonesia, Singapore, and Australia.

The Asian crypto exchange announced last summer that it is halting withdrawals due to volatile market conditions. The platform faced a liquidity crunch following exposure to the troubled crypto lender Babel Finance.

"Due to a combination of circumstances beyond our control, including volatile market conditions, and the resulting financial difficulties of our key business partners, to maintain the integrity of our platform, we would be pausing withdrawals until further notice," the exchange said on Twitter at the time. 

In August last year, Bloomberg reported that Zipmex plans to meet with potential investors and Thailand’s financial regulator to discuss a recovery plan. 

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