• Zipmex’s investor is proposing a new deal that would see them pay the crypto exchange’s creditors far less.
• The investor is now asking to pay a fraction of its debt, as against the pledge to make a 100% payment.
• Zipmex is planning to extend its creditor protection to seek out new investors.
Zipmex Investor Reneges on Payment
Zipmex’s investor has proposed a new deal that would reduce the amount owed to creditors from its original pledge of full payment. The unnamed entity has asked for 10-20% of the debt owed instead, which could potentially put Zipmex’s rescue plan in jeopardy.
V Ventures Signed Deal with Zipmex
In December 2022, venture capital fund V Ventures signed an agreement with Zipmex for 90% acquisition for $100 million in cash and crypto tokens. A portion of this payment was intended to be used for gradually unlocking customers‘ frozen wallets by April 2023. However, it appears that conditions have not been met according to the initial buyout proposal, leading the investor to reduce their offer significantly.
Creditor Protection To Seek Out New Investors
As part of their restructuring process, Zipmex seeks further creditor protection while attempting to find fresh investors who can help get back on track. While there are no details yet on how they plan do this, they are likely facing an uphill battle given their current circumstances and reduced offers from potential partners such as V Ventures.
Crypto Community Speculates Reasons for Reversal
The crypto community has speculated on why V Ventures may have decided to reverse their offer and slash payments for creditors instead of honoring it completely as initially agreed upon. Some have argued that conditions specified in the buyout proposal were not met or that V Ventures might have overestimated the value of Zipmex’s assets when making their initial offer. Others suggest that cryptocurrency prices dropped since then, resulting in lower returns than anticipated and making them rethink their investment strategy accordingly.
It remains uncertain what will become of Zipmex and how much creditors will ultimately receive from V Ventures‘ revised offer after negotiations come to an end between all parties involved.. Until then, it seems unlikely that customers will be able access their funds anytime soon given these latest developments surrounding the Thai crypto exchange’s rescue plan .