Thai VC fund acquires troubled exchange Zipmex for $100M: Report

After weeks of negotiations connected a imaginable buyout of Zipmex, task superior money V Ventures has reportedly reached a woody to get the embattled cryptocurrency exchange.

V Ventures, a subsidiary of Thoresen Thai Agencies (TTA) nationalist company, is looking to acquisition a 90% involvement successful Zipmex crypto exchange, Bloomberg reported connected Dec. 2.

The VC money is astir to get Zipmex for astir $100 cardinal successful integer assets and cash, anonymous sources acquainted with the substance claimed. Citing a tribunal proceeding connected Friday successful Singapore, the study says that Zipmex was offered $30 cardinal successful currency and the remainder successful crypto.

According to the tribunal hearing, Zipmex is readying to usage cryptocurrency assets received from the transaction to unlock frozen lawsuit accounts connected the speech by April 2023.

The acquisition study comes weeks aft section media reported that V Ventures and Zipmex were connected way to motion a bulk buyout agreement.

As antecedently reported, Zipmex abruptly halted withdrawals connected its level successful July 2022, citing a “combination of circumstances” beyond its control. The exchange, which has operations successful Thailand, Singapore, Indonesia and Australia, subsequently started a restructuring process aft getting 3 months of creditor extortion from Singapore’s High Court.

Zipmex has besides filed applications to widen the moratorium until April 2023 to enactment the restructuring efforts, which is pending information by the Singapore court.

Despite facing large issues, Zipmex has seemingly continued offering immoderate of its services aft partially resuming withdrawals. According to Zipmex’s website, the speech has been altering immoderate of its withdrawal fees arsenic good arsenic listings implicit the past 2 months.

Zipmex and TTA did not instantly respond to Cointelegraph’s petition for comment.

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The quality comes soon aft Thailand’s Securities and Exchange Commission (SEC) accused crypto speech Zipmex and its co-founder Akalarp Yimwilai of violating section laws. The authorization specifically argued that Zipmex had not provided accusation connected integer wallets and crypto transactions successful compliance with the country’s Digital Assets Act.