Thailand's regulator will check if Zipmex abode by local rules when providing products and services to customers.
for meetings with the SEC regarding an eventual recovery strategy and a multi-million fundraise that could reimburse some customers.for bankruptcy protection. The firm, which operated in Thailand, Singapore, Indonesia, and Australia, was among Asia’s leading cryptocurrency exchanges.
It had over two million customers at its peak and enabled access to assets like Bitcoin , Ethereum , Ripple , and its Zipmex token , which has plunged over 70% since the platform announced its problems last summer. Compared to its all-time high level of $5.30, the current valuation of around $0.17 represents a whopping 96% decline.that the Singapore-based investment firm – V Ventures – has been in “advanced talks” with Zipmex regarding a potential acquisition agreement.
If completed, the $100 million deal will give V Ventures a 90% stake in the distressed organization. The investment company will supposedly pay $30 million in cash and the remainder in cryptocurrencies. According to the court hearing, the digital assets will be later deployed to unfreeze clients’ wallets by the end of Q1, 2023.
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