Bankrupt Cryptocurrency Exchange Signs Recovery Agreement!

South Asia in trouble with financial troubles cryptocurrency exchange Zipmexwith an existing investor, although final hurdles remain before the deal can be completed. 100 million dollars came very close to signing a bailout.

Cryptocurrency Exchange Zipmex Signs $100 Million Recovery Deal For 90% Shares

Son of Thai billionaire and coffee tycoon Prayudh Mahagitsiri Chalermchai Mahagitsiri a venture capital firm founded by V VenturesZipmex 90% stake prepares to allocate additional funds in return.

Zipmex, two troubled crypto lenders that froze client funds in June Babel Finance and CelsiusInfluenced by the situation, it stopped the customer’s withdrawals in July.

Zipmex’s total debt to Babel and Celsius is estimated at $53 million.

The deal is expected to close on Friday if all terms are agreed with V Ventures.

One of the conditions is that Zipmex’s key executives agree to three-year employment contracts that prevent them from leaving the company.

Another condition is that co-founders Marcus Lim and Akalarp Yimwilai and marketing manager Proud Limpongpan sign personal guarantees to compensate V Ventures for losses.

Limpongpan declined to comment, saying, “As I am no longer a full-time employee of Zipmex and have been operating as a consultant since the beginning of August, I cannot comment.”

Lim, CEO of Zipmex, said in a statement:

“Thank you for your interest in our efforts to unite our customers.

As negotiations with our potential investor have reached a critical and sensitive stage, I cannot comment as all parties are under confidentiality agreement and we do not want to jeopardize the agreement. I will inform you as soon as possible.”

Zipmex received a three-month grace period from the Singapore Supreme Court in August to resolve its financial issues. This period expires on December 2.

*Not investment advice.