Cryptocurrency exchange Zipmex has informed its shareholders about the lack of funds to support operations. The administration of the exchange reported that the company V Ventures, which pledged to provide financial assistance in exchange for Zipmex shares, missed another payment in the amount of $1.25 million.
“At this stage, we have not received any information and the decision of the investor as to when the funds will arrive and whether they will, in principle, complete the transaction. If the investor is unable to transfer the working capital, then we will have no choice but to initiate liquidation proceedings,” the letter to Zipmex shareholders reads.
As the deal with V Ventures is in jeopardy, Zipmex has begun to develop alternative measures to resolve the crisis, including liquidating the exchange and laying off staff.
In January, the Thai Securities and Exchange Commission (SEC) launched an investigation into Zipmex. Local authorities believe that the company’s actions violated the law on digital asset service providers. The investigation may be related to the process of buying a crypto exchange by V Ventures, a subsidiary of Thoresen Thai Agencies. The deal is valued at $100 million.
Source: Bits
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