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Zipmex Acquisition Stumbles as Buyer Misses Payment: Bloomberg
The payment was due on March 23 and was required to fund working capital
Updated May 9, 2023, 4:11 a.m. Published Mar 24, 2023, 10:10 a.m.
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Thai crypto exchange Zipmex's $100 million venture capital buyout could be in jeopardy after the investor missed a $1.25 million payment, Bloomberg reported on Friday.
The payment was due on March 23 and was required to fund working capital, according to the report, citing a letter.
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Zipmex advised that it would have to liquidate its technology unit unless it receives said payment.
The exchange was one of many to experience a liquidity crisis last summer following the collapse of Terra and its algorithmic stablecoin UST. Zipmex had issued loans to Babel Finance and Celsius Network, which were both unpaid.
It agreed a $100 million rescue package with V Ventures, a Thailand-based venture capital firm, at the end of last year, from which it has been receiving three tranches of funding, according to the letter.
Zipmex did not immediately respond to CoinDesk's request for comment.
Read more: Thailand SEC Issues Regulations for Crypto Custody Providers
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