Thai crypto exchange Zipmex informed VC firm V Ventures that it would have to start the liquidation process for one of its units and pause payroll unless it receives a now overdue payment to fund working capital.
The firm is in the midst of a $100M venture buyout by V Venture, a subsidiary of Thoresen Thai Agencies Pcl. V Ventures missed a $1.25M installment that was due on March 23.
Zipmex filed for bankruptcy protection in Singapore in mid-2022 after it paused withdrawals on its platform a week earlier.
- Zipmex's troubles were down to the crash of Terra and stablecoin UST.
- In December 2022, V Ventures offered a lifeline for the troubled crypto platform in return for 90% ownership in the firm.
- Three payments have already been made by V Ventures.
- Zipmex is yet to receive a confirmation from V Ventures about when it intends to transfer the latest payment.
