Zipmex cryptocurrency exchange’s US$100 million venture capital buyout may be in danger, after buyer V Ventures missed the US$1.25 million payment due on March 23, Bloomberg reported.
See related article: Cryptocurrencies bounce back despite fed rate hike
Fast facts
Zipmex said it would have to liquidate its technology unit, Zipmex Technology and suspend the division’s payroll, unless it gets the funds, according to a letter seen by Bloomberg .
Zipmex is being acquired for US$100 million by V Ventures, as part of its restructuring plan, after being affected by last year’s crypto bear market, as the exchange had a US$48 million exposure to crypto lender Babel Finance and US$5 million exposure to bankrupt lender Celsius .
The letter said that Zipmex’s branches in Thailand, Singapore and Indonesia still have funds to pay salaries.
Zipmex received no information on when the delayed payment would be made.
See related article: Thai regulator probes Zipmex crypto exchange amid acquisition: report
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