May 28, 2023

Zipmex warns shareholders of possible liquidation

Article reading time:
1 min.

Zipmex warns shareholders of possible liquidation

Investment company V Ventures, the buyer of Zipmex, missed the payment of the next tranche, as a result of which the exchange cannot pay the staff and is in danger of liquidation.

Cryptocurrency exchange Zipmex informedshareholders about the lack of funds to support operations. The administration of the exchange reported that the company V Ventures, which pledged to provide financial assistance in exchange for Zipmex shares, missed another payment in the amount of $1.25 million.

“At this stage, we have not received anyinformation and the investor's decision as to when the funds will arrive and whether they will, in principle, complete the transaction. If the investor is unable to transfer the working capital, then we will have no choice but to initiate liquidation proceedings,” the letter to Zipmex shareholders reads.

As the deal with V Ventures is underthreat of disruption, Zipmex began to develop alternative measures to overcome the crisis, including those involving the liquidation of the exchange and the dismissal of staff.

In January, the Securities and Exchange Commission(SEC) of Thailand launched an investigation into Zipmex. Local authorities believe that the company's actions violated the law on digital asset service providers. The investigation may be related to the process of buying a crypto exchange by V Ventures, a subsidiary of Thoresen Thai Agencies. The deal is valued at $100 million.