Insiders: Southeast Asian cryptocurrency exchange Zipmex may sign a rescue plan worth over $100 million

2022-11-02 21:53:47

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ChainCatcher news, according to sources cited by The Block, Southeast Asian cryptocurrency exchange Zipmex is set to sign a rescue plan worth over $100 million, led by the venture capital firm V Ventures, founded by Thai billionaire and coffee king Prayudh Mahagitsiri's son Chalermchai Mahagitsiri, in exchange for a 90% stake in Zipmex.

Sources indicate that if the final terms can be agreed upon, V Ventures is expected to complete the transaction on Friday. One requirement is that Zipmex's key executives agree to three-year employment contracts that prohibit them from leaving the company; another condition is that co-founders Marcus Lim and Akalarp Yimwilai, along with Chief Marketing Officer Proud Limpongpan, sign personal guarantees to cover any potential losses that V Ventures may incur. (Source link)

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