Bloomberg: V Ventures Proposed to Rescue Zipmex

V Ventures, a venture firm, proposed to acquire 90% of the Thai cryptocurrency exchange Zipmex. The report came from Bloomberg.

The deal is valued at about $100 million in digital assets and fiat, according to sources. The funds would be used to pay users.

V Ventures is an existing investor in the exchange. The talks between the parties had become known in early November. Media at the time reported that among the buyer’s requirements was the platform’s top management agreeing to three-year employment contracts with a no-leave clause for the duration of the term.

Also, the co-founders Marcus Lim, Akalarp Yimwilai and marketing director Praud Limpongpan must provide personal guarantees to cover any losses that V Ventures may incur.

As of writing Zipmex had not commented on the deal. The latest release — from December 2 on the extension of the moratorium on creditor protection until April 2, 2023.

Zipmex faced liquidity shortfalls after problems at partners — Babel Finance and Celsius Network. On July 20 it halted withdrawals, citing an event outside its control.

After a few days the exchange partially resumed deposits and withdrawals, and later turned to the Singapore court for protection from creditors.

On August 15 the platform secured the extension of the moratorium until December 2.

Earlier, the Thai Securities and Exchange Commission filed a police report against Zipmex and its co-founder Akalarp Yimwilai.

Read ForkLog Bitcoin news in our Telegram — crypto news, prices and analysis.