Venture capital firm V Ventures missed a tranche payment for Thailand’s Zipmex cryptocurrency exchange, which could face liquidation as a result. This is reported The Block.
Company co-founder Akalarp Yimvilai said in a letter to employees that the platform is “experiencing cash flow issues” and will not be able to pay wages in full for March.
“As you know, ever since we signed the agreement [с V Ventures] in December 2022, the investor is required to send a monthly tranche so that we can pay wages. To date, we have not yet received payment despite numerous attempts to contact the firm,” he added.
According to the publication’s sources, V Ventures had to transfer $1.25 million by March 23. However, Zipmex hopes that the investor will fulfill its obligations.
The company also informed its shareholders about the situation.
“If the investor is unable to transfer the working capital allocated for March 2023, we will have no choice but to initiate liquidation proceedings for Zipmex Technology Company Limited,” the email reads.
Against the background of the news, the Zipmex token (ZMT) collapsed by 53.5% over the past day, according to CoinGecko. At the time of writing, the asset is trading at $0.048.
In July 2022, Zipmex faced a liquidity squeeze after partner issues — Babel Finance And Celsius Network. Later platform suspended the withdrawal of fundsciting a “coincidence” beyond her control.
A few days later, the exchange partially resumed depositing and withdrawing funds, and later applied to the Singapore court for protection from creditors.
Recall that in December it became known that V Ventures offered to buy out 90% of the company’s shares, which are valued at approximately $100 million.
Zipmex has promised to fully resume withdrawals once the transaction is completed.
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Venture capital firm V Ventures missed a tranche payment for Thailand’s Zipmex cryptocurrency exchange, which could face liquidation as a result. This is reported The Block.
Company co-founder Akalarp Yimvilai said in a letter to employees that the platform is “experiencing cash flow issues” and will not be able to pay wages in full for March.
“As you know, ever since we signed the agreement [с V Ventures] in December 2022, the investor is required to send a monthly tranche so that we can pay wages. To date, we have not yet received payment despite numerous attempts to contact the firm,” he added.
According to the publication’s sources, V Ventures had to transfer $1.25 million by March 23. However, Zipmex hopes that the investor will fulfill its obligations.
The company also informed its shareholders about the situation.
“If the investor is unable to transfer the working capital allocated for March 2023, we will have no choice but to initiate liquidation proceedings for Zipmex Technology Company Limited,” the email reads.
Against the background of the news, the Zipmex token (ZMT) collapsed by 53.5% over the past day, according to CoinGecko. At the time of writing, the asset is trading at $0.048.
In July 2022, Zipmex faced a liquidity squeeze after partner issues — Babel Finance And Celsius Network. Later platform suspended the withdrawal of fundsciting a “coincidence” beyond her control.
A few days later, the exchange partially resumed depositing and withdrawing funds, and later applied to the Singapore court for protection from creditors.
Recall that in December it became known that V Ventures offered to buy out 90% of the company’s shares, which are valued at approximately $100 million.
Zipmex has promised to fully resume withdrawals once the transaction is completed.
Found a mistake in the text? Select it and press CTRL+ENTER
Cryplogger Newsletters: Keep your finger on the pulse of the bitcoin industry!
