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

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.