The rescue plan for the embattled regional crypto exchange Zipmex is beginning to fray after the company failed to receive the most recent payment due under a US$100-million venture capital buyout.
The payment of $1.25 million was due on March 23 to fund working capital, according to a letter seen by Bloomberg News. Zipmex said in the letter that it would have to start liquidation proceedings for a unit, Zipmex Technology Co, and suspend that division’s payroll unless it gets the money.
