Crypto Exchange Zipmex Warns of Consequences After VC Bailout Misses Payment


    V Ventures Misses Payment on Zipmex Buyout

    Ventures, a subsidiary of Thai shipping company Thoresen Thai Agencies, missed its latest payment to crypto exchange Zipmex under its $100 million buyout agreement. Without the payment, Zipmex may have to liquidate one of its units and suspend payroll.

    Background of Zipmex Situation

    Zipmex had suspended withdrawals in July after a deal for its acquisition by Coinbase fell through. It had exposure to Babel Finance and Celsius that left it with liquidity issues. In February, it proposed the restoration of all withdrawals to investors, and was granted three-month protection from creditors in August.

    Impact on ZMT Token

    The missed payment has caused the value of Zipmex’s ZMT token to fall from a high of $0.1029 on March 23 to $0.057 at the time of writing.

    Investigation by Thai Securities & Exchange Commission

    The December V Ventures deal triggered an investigation by the Thai Securities and Exchange Commission — an agency which Zipmex has run afoulof in the past.

    No Response From Both Parties Involved

    Neither Zipmex nor V Ventures replied immediately to Cointelegraph’s request for comment.