White knight behind crypto exchange Zipmex says ‘not obligated’ to make payment, amid concerns of pullout

V VENTURES, the investor behind Asian crypto exchange Zipmex’s US$100 million bailout, has accused Zipmex of not fulfilling certain conditions required for the latest tranche of investment from the firm. It is unclear how this will affect Zipmex’s scheme of arrangement, which the court granted on Thursday (Mar 30).

V Ventures said that the non-fulfilment means it is not obligated to disburse the US$1.25 million meant to fund Zipmex’s working capital as part of the rescue plan, according to a Mar 29 lawyer’s letter to the company seen by The Business Times (BT).

The fate of tens of thousands of Zipmex customers and employees hinges on the completion of a deal between Zipmex and V Ventures, a subsidiary of one of Thailand’s largest investment companies Thoresen Thai Agencies.