Zipmex rescue plan in danger, investor fails to pay USD 1.25 million (report)

Zipmex rescue plan in danger, investor fails to pay USD 1.25 million (report)

The rescue plans of the Thai cryptocurrency exchange ZipMEX that have come into difficulty seem to be derailed. A recently published report indicates that the last payment due on March 23 in the context of a risk capital Buyout in the amount of $ 100 million.

The payment of $ 1.25 million was part of the rescue plan to finance the operating capital.

• According to a Bloomberg report, ZipMEX must initiate a liquidation process for a unit, Zipmex Technology Co., and cancel the company's list of salary if it does not receive the necessary funds.
• ZipMEX applied for a debt decree in Singapore last year after his counterparty, the crypto loan Babel Finance, who had exposed the withdrawals for "unusual liquidity prints".
• The platform was also affected by the bankruptcy of another popular crypto loan company, Celsius. Babel and Celsius owe Zipmex $ 48 million or $ 5 million.
• Then interrupted the crypto exchange, which has branches in Thailand, Singapore, Indonesia and Australia, which briefly
• The risk capital V Ventures, based in Thailand, a subsidiary of Thoresen Thai Agencies, acquires Zipmex for around $ 100 million. So far, the crypto exchange has received three financing tranches, as can be seen from a letter viewed by Bloomberg.
• The stock exchange must still receive a final word about whether the last payment will be made or not, and is currently working with its consultants to set the next steps.
• In the meantime, the other branches of Zipmex in Thailand, Singapore and Indonesia have the necessary cash to pay for salaries.

.