Asian crypto exchange Zipmex faces liquidation after an investor missed a monthly payment.

Venture capital firm V Ventures failed to make a $1.25 million payment on March 23 as part of its $100 million buyout of the embattled exchange.

Zipmex Could Suspend Payroll

According to the letter seen by Bloomberg, Zipmex Technology Co. faces liquidation and cannot pay its workers without the funding. 

Zipmex is reportedly going to consult with advisers on its next steps.

Zipmex filed for bankruptcy in Singapore on July 22 last year, after being forced to pause withdrawals amid declining cryptocurrency prices. Solicitors filed moratoria, which are equivalent to U.S. Chapter 11 filings, to stay legal proceedings against the exchange for several months.

The entities that have sought the moratorium relief in the applications are:

• Zipmex Asia Pte Ltd
• Zipmex Pte Ltd
• Zipmex Company Limited (incorporated in Thailand)
• PT Zipmex Exchange Indonesia (incorporated in Indonesia)
• Zipmex Australia Pty Ltd (incorporated in Australia)

Babel Finance and collapsed crypto broker Voyager Digital, which was recently allowed to sell its assets to Binance.US, owe Zipmex $53 million.  

Last month, the exchange’s scheme manager, Australian restructuring firm KordaMentha, asked creditors to vote on a potential acquisition. They were also asked to provide asset balances in their ZWallet that they believe Zipmex owed them, promising to resolve discrepancies through adjudication.

Restructuring Did Not Allow Creditor Committees

In December, the agency warned

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Author: David Thomas

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