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Zipmex sues investor, proposes new scheme after US$100 million deal fails

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Claudia Chong

Claudia Chong

Published Mon, Jul 3, 2023 · 08:23 PM
    • Zipmex sank into distress last year after a US$53 million exposure to failed crypto lenders Babel Finance and Celsius.
    • Zipmex sank into distress last year after a US$53 million exposure to failed crypto lenders Babel Finance and Celsius. PHOTO: BT FILE

    SINGAPORE-BASED crypto company Zipmex has taken legal action against its Thai investor, V Ventures, for allegedly backing out of a US$100 million rescue deal.

    The deal would have resulted in Zipmex’s creditors, totalling more than 70,000, recovering all their funds.

    With the plan now unlikely to succeed, the company has proposed a new scheme of arrangement.

    ZipmexCryptocurrenciesDebt restructuringArbitrationDisputes

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