The bailout for embattled Zipmex could be going on a rocky road after the Thai digital asset exchange did not receive its most recent payment.
The exchange was the victim from the exposure of the collapse in crypto lenders Babel Finance and Celsius. The platform has total exposure from both lenders of around $53 million, according to its public statement in July 2022.
The event led to a rescue by V Venture, a subsidiary of Thai listed company Thoresen Thai Agencies Public Company Limited (SET: TTA), under a venture capital buyout plan for $100 million.
However, Bloomberg reported today that the payment of $1.25 million that was due March 23 to fund working capital of the crypto platform did not come as scheduled. The units in Thailand, Singapore and Indonesia are in need of cash to pay salaries, and there is no indication when the payment will come.
Bloomberg noted that Zipmex has received three trenches of funding from V Venture so far.