V Ventures proposed to Zipmex creditors to buy out the debt at an 80–90% discount

V Ventures missed the payment on the tranche for Zipmex under the agreement signed three months earlier — the venture firm was obligated to purchase 90% of the platform’s shares, paying about ~$100m.

At that time, Zipmex co-founder Акаларп Йимвилаи in a letter to staff said the company would not be able to pay March salaries in full. In a message to shareholders, the top executive warned of a possible liquidation process.

According to the report, Zipmex faced liquidity constraints after problems at its partners — Babel Finance and Celsius Network. On 20 July 2022 it suspended withdrawals, citing a circumstance beyond its control.

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

On August 15, the platform secured an extension of the moratorium to December 2. It was later extended initially to April 2, and subsequently to April 23.

Zipmex aims to secure another extension of the deadline.

As the deal with V Ventures becomes increasingly likely to fail, the platform has identified at least two potential investors in Thailand, the letter says.

The Securities and Exchange Commission of Thailand has filed a police report against Zipmex and its co-founder Акаларпа Йимвилайя.