V Ventures, an investment company that recently acquired Zipmex, has failed to make a scheduled payment, causing the cryptocurrency exchange to face potential liquidation.
The exchange has been unable to pay its employees due to the lack of funds, and has alerted its shareholders about the situation.
In a letter to shareholders, Zipmex management explained that V Ventures, which had agreed to provide financial assistance in exchange for Zipmex shares, failed to make a $1.25 million payment, putting the entire deal in jeopardy.
Zipmex is now exploring alternative solutions to resolve the crisis, including laying off staff and liquidating the exchange.
This recent development is not the only obstacle Zipmex has faced. In January, the Thai Securities and Exchange Commission launched an investigation into the company for potential violations of the law on digital asset service providers.
The investigation may be linked to V Ventures’ acquisition of the exchange, which was valued at $100 million. The uncertain outcome of both situations leaves the future of Zipmex in a precarious position.