Thai Venture capital firm V Ventures, has reportedly purchased troubled crypto exchange Zipmex. the exchange plans to use funds received from the sale to unlock frozen customer accounts on the platform by April 2023.
According to a Dec. 2 Bloomberg story, V Ventures, a division of Thoresen Thai Agencies (TTA), a publicly traded business, plans to acquire 90% of the Zipmex cryptocurrency exchange.
According to unnamed people familiar with the situation, the VC firm is going to purchase Zipmex for around $100 million in digital assets and cash. The story claims that Zipmex was offered $30 million in cash and the remaining amount in cryptocurrencies, citing a court session on Friday in Singapore.
By April 2023, Zipmex intends to utilize bitcoin assets acquired as a result of the deal to unlock blocked client accounts on the exchange, according to the court hearing.
Weeks prior to the purchase news, local media outlets said that V Ventures and Zipmex were close to finalizing a majority takeover deal.
In July 2022, as was previously reported, Zipmex unexpectedly stopped withdrawals on its platform, alleging a “combination of events” that were beyond its control.
After receiving three months of creditor protection from Singapore’s High Court, the exchange, which operates in Thailand, Singapore, Indonesia, and Australia, subsequently began a restructuring procedure.
In order to aid in the restructuring efforts, Zipmex has also submitted proposals to extend the moratorium until April 2023, which are now being reviewed by the Singaporean court.
Despite having serious problems, Zipmex seems to have been running parts of its services after restarting withdrawals in part. The exchange has changed some of its withdrawal costs and listings during the last two months, according to the Zipmex website.
The announcement follows the Securities and Exchange Commission (SEC) of Thailand accusing Zipmex, a cryptocurrency exchange, and its co-founder Akalarp Yimwilai of breaking local regulations.
The authorities explicitly asserted that Zipmex had not complied with the nation’s Digital Assets Act by providing information on digital wallets and cryptocurrency transactions.
