Zipmex warns of possible liquidation as ZMT tumbles

V Ventures misses tranche payment; Zipmex faces liquidation risk.

The venture firm V Ventures missed a tranche payment to the Thai cryptocurrency exchange Zipmex, potentially exposing the latter to liquidation. The Block reports.

Co-founder Akalarp Yimvilai wrote to staff that the platform “is experiencing liquidity problems” and will not be able to fully pay March salaries.

“As you know, since we signed the agreement [with V Ventures] in December 2022, the investor is required to remit a monthly tranche so that we can pay salaries. To date we have not yet received a payment, despite numerous attempts to reach the firm,” he added.

According to sources, V Ventures was supposed to transfer $1.25 million by March 23. However Zipmex hopes the investor will fulfill its obligations.

The company also informed its shareholders of the situation.

“If the investor cannot transfer the working capital allocated for March 2023, we will have no choice but to initiate the liquidation of Zipmex Technology Company Limited,” the email states.

Against the backdrop of the news, Zipmex’s token (ZMT) fell 53.5% over the last 24 hours, according to CoinGecko. At the time of writing the asset was trading at around $0.048.

In July 2022 Zipmex faced a liquidity crunch after problems at partners — Babel Finance and Celsius Network. Later the platform suspended withdrawals, citing circumstances beyond its control.

Several days later the exchange partially resumed deposits and withdrawals, and later turned to the Singapore court for creditor protection.

Earlier, it was reported that V Ventures proposed to acquire 90% of the company’s shares, valued at approximately $100 million.

Zipmex promised to fully resume the withdrawal of funds after the completion of the deal.