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Crypto firm Zipmex’s investor pulls plug on US$100 million bailout

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Claudia Chong

Claudia Chong

Published Sun, Apr 23, 2023 · 07:30 PM
    • Zipmex is struggling to pay employees after its investor withheld an injection of cash.
    • Zipmex is struggling to pay employees after its investor withheld an injection of cash. PHOTO: REUTERS

    SINGAPORE-BASED crypto exchange Zipmex has sunk into deeper trouble after its Thai buyout investor scrapped a US$100 million deal to rescue the company and restore customer funds.

    In an Apr 16 letter seen by The Business Times (BT), the investor, V Ventures, demanded a clawback of US$4.6 million it already invested in Zipmex. The sum was mostly used for working capital.

    The about-turn deals another blow to Zipmex’s 70,000 customer-creditors, who were holding out for a full return of their crypto assets still trapped on the exchange.

    ZipmexCryptocurrenciesDebt restructuringSpotlight

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