Thai VC fund pays $100M for shaky exchange Zipmex

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The troubled cryptocurrency exchange Zipmex has reportedly been sold to venture capital firm V Ventures after many weeks of negotiations on a prospective purchase.

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 fund is going to acquire 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 use bitcoin assets acquired as a result of the deal to unlock frozen customer accounts on the exchange, according to the court hearing.

Weeks prior to the acquisition news, local media outlets said that V Ventures and Zipmex were close to finalising a majority buyout agreement.

In July 2022, as was previously reported, Zipmex unexpectedly stopped withdrawals on its platform, alleging a “combination of events” that were out of 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 currently being reviewed by the Singaporean court.

Despite having serious problems, Zipmex appears to have kept running parts of its services after resuming withdrawals in part. The exchange has changed some of its withdrawal costs and listings over the last two months, according to the Zipmex website.

A request for comment from Cointelegraph was not immediately reacted to either Zipmex or TTA.

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 laws. The authority specifically argued that Zipmex had not complied with the nation’s Digital Assets Act by providing information on digital wallets and cryptocurrency transactions.

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