According to reports, cryptocurrency exchange Zipmex has not received the latest payment under the acquisition agreement with venture capital firm V Ventures. The exchange has sent a letter to the company warning that it will have to start liquidating one of the units without the money.
The $1.25 million payment, intended to provide working capital for the Singapore-based exchange, is due on March 23, according to Bloomberg. In a letter to V Ventures, Zipmex said that without the cash infusion, it would have to begin liquidating its Zipmex Technology unit and suspend payroll. Salaries at Zipmex units in Thailand, Singapore and Indonesia are still covered, the letter added. Zipmex also has operations in Australia.
The missed payment will be the fourth from V Ventures, a subsidiary of Thai shipping company Thoresen Thai Agencies with offices in Thailand and the United States. After lengthy negotiations, Zipmex and V Ventures reached an agreement in December for the venture capital firm to acquire the exchange.
Zipmex suspended withdrawals in July after the Coinbase acquisition fell through. The exchange experienced liquidity issues due to its exposure to Babel Finance, which reportedly owed Zipmex $48 million and suspended withdrawals in June. Zipmex also has $5 million in Celsius exposure. In February, it proposed resuming all withdrawals to investors. Zipmex received three months of creditor protection in August. The December deal with V Ventures sparked an investigation by Thailand's Securities and Exchange Commission -- which has clashed with the agency in the past.
Zipmex’s ZMT token has fallen from a high of $0.1029 on March 23 to $0.057 at the time of writing, according to data from CoinMarketCap. Neither Zipmex nor V Ventures immediately responded to Cointelegraph's request for comment.
