Venture capitalists bail on Zipmex bailout, company warns of consequences: Report

Cryptocurrency speech Zipmex has reportedly not received the latest outgo nether its buyout statement with task superior steadfast V Venture. The speech has sent a missive to the steadfast informing that it volition person to statesman liquidating 1 of its units without that money.

The $1.25 cardinal outgo was intended to supply moving superior for the Singapore-based speech and was owed March 23, according to a Bloomberg report. Zipmex said successful a missive to V Venture that, without the currency infusion, it would person to statesman liquidating its Zipmex Technology portion and suspend its payroll.

Salaries successful Zipmex units successful Thailand, Singapore and Indonesia were inactive covered, the missive added. Zipmex besides has operations successful Australia.

Related: Digital plus level Zipmex partners with Visa successful Asia-Pacific

The missed outgo would beryllium the 4th from V Venture, a subsidiary of Thai shipping institution Thoresen Thai Agencies with offices successful Thailand and the United States. Zipmex and V Venture reached a woody successful December for the task steadfast to bargain the speech aft lengthy negotiations. 

Zipmex suspended withdrawals successful July after a woody for its acquisition by Coinbase fell through. The speech was experiencing liquidity issues owed to its vulnerability to Babel Finance, which reportedly owed Zipmex $48 cardinal and suspended withdrawals successful June. Zipmex besides had $5 cardinal exposure to Celsius. In February, it proposed to investors to reconstruct each withdrawals.

The rescue program for embattled crypto speech Zipmex is opening to fray aft the institution failed to person the astir caller outgo owed nether a $100 cardinal task superior buyout https://t.co/l6gDYpmO6I

Zipmex was granted three-month protection from creditors successful August. The December V Venture woody triggered an investigation by the Thai Securities and Exchange Commission. It had run afoul of that agency successful the past.

The Zipmex token fell from a precocious of $0.1029 connected March 23 to $0.057 astatine the clip of writing, according to CoinMarketCap.

Neither Zipmex nor V Venture replied instantly to a Cointelegraph petition for comment.

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