According to reports, cryptocurrency exchange Zipmex has not received the most recent acquisition payment from venture capital company V Venture. The company was informed in the form of a letter by the exchange that if it did not have the cash on hand, it would be obliged to liquidate one of its units.
According to an article that was published by Bloomberg, the purpose of the 1.25 million dollar payment that was scheduled to be paid on March 23 was to supply the exchange that is situated in Singapore with operating cash.
In a letter to V Venture, the company said that if the cash injection was not provided, the business would be compelled to begin the process of liquidating its Zipmex Technologies arm and would also be required to stop making payments.
The letter indicated that salaries for the company in Thailand, Singapore, and Indonesia were still covered. Moreover, Zipmex operates in Australia.
V Venture, a subsidiary of Thai shipping giant Thoresen Thai Agencies with operations in Thailand and the United States, will miss its fourth payment.
After extensive talks, Zipmex and V Venture signed an agreement in December for the venture capital company to acquire the exchange.
In July, Zipmex ceased withdrawals after the collapse of its purchase by Coinbase. Due to its exposure to Babel Finance, which purportedly owed Zipmex $48 million and froze withdrawals in June, the exchange was having liquidity concerns.
Moreover, the company has a $5 million exposure to Celsius. In February, it was recommended to investors that all withdrawals be reinstated.
In August, Zipmex was given three months of creditor protection. The December V Venture transaction prompted a Thai Securities and Exchange Commission inquiry. It has already run afoul of that agency.
According to CoinMarketCap, the Zipmex coin declined from a high of $0.1029 on March 23 to $0.057 at the time of writing.