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

After weeks of negotiations on a possible buyout of Zipmex, enterprise capital fund V Ventures has reportedly reached a deal to accumulate the embattled cryptocurrency trade.

V Ventures, a subsidiary of Thoresen Thai Companies (TTA) public firm, is trying to buy a 90% stake in Zipmex crypto trade, Bloomberg reported on Dec. 2.

The VC fund is about to accumulate Zipmex for about $100 million in digital belongings and money, nameless sources aware of the matter claimed. Citing a court docket listening to on Friday in Singapore, the report says that Zipmex was supplied $30 million in money and the remaining in crypto.

In keeping with the court docket listening to, Zipmex is planning to make use of cryptocurrency belongings acquired from the transaction to unlock frozen buyer accounts on the trade by April 2023.

The acquisition report comes weeks after native media reported that V Ventures and Zipmex had been on observe to signal a majority buyout settlement.

As beforehand reported, Zipmex abruptly halted withdrawals on its platform in July 2022, citing a “mixture of circumstances” past its management. The trade, which has operations in Thailand, Singapore, Indonesia and Australia, subsequently began a restructuring course of after getting three months of creditor safety from Singapore’s Excessive Courtroom.

Zipmex has additionally filed functions to increase the moratorium till April 2023 to assist the restructuring efforts, which is pending consideration by the Singapore court docket.

Regardless of dealing with main points, Zipmex has apparently continued providing a few of its providers after partially resuming withdrawals. In keeping with Zipmex’s web site, the trade has been altering a few of its withdrawal charges in addition to listings over the previous two months.

Zipmex and TTA didn’t instantly reply to Cointelegraph’s request for remark.

Associated: Binance acquires regulated crypto trade in Japan

The information comes shortly after Thailand’s Securities and Change Fee (SEC) accused crypto trade Zipmex and its co-founder Akalarp Yimwilai of violating native legal guidelines. The authority particularly argued that Zipmex had not offered info on digital wallets and crypto transactions in compliance with the nation’s Digital Belongings Act.