Troubled Crypto Exchange Zipmex to be Acquired for $100M: Report

A venture fund would take a 90% stake in the exchange if the deal goes through

article-image

Blockworks exclusive art by axel rangel

share

Troubled Southeast Asia crypto exchange Zipmex is reportedly expected to be acquired by a venture capital firm for about $100 million.

Pending regulatory approval and coming to an agreement on terms, V Ventures has offered to pay $30 million in cash and the remainder in unspecified digital assets, Bloomberg reported Wednesday, citing sources familiar with the matter.

The likely acquisition comes as there’s been an uptick in mergers and acquisitions interest, while companies in the region try to fend off declining spot cryptocurrency prices and dwindling big-money interest. 

Several crypto firms throughout Asia have also reduced employee numbers. Representatives for the exchange and V Ventures did not immediately return requests for comment on the terms of the deal.

A video of a Dec. 2 Singapore court proceeding on the matter provided an overview of the offer, without mentioning the potential buyer or detailing specific terms. 

The fund, a subsidiary of investment holding company Thoresen Thai Agencies, would retain a 90% stake in Zipmex, whose customers’ funds remain locked on its platform after it filed for bankruptcy protection earlier this year.

The Jump Crypto-backed firm was forced to halt withdrawals in July under the strain of a liquidity crunch that has gripped the industry.

In August, the crypto exchange tapped restructuring and financial consulting firm KordaMentha in a bid to oversee its payback scheme.

The firm sought $50 million in rescue funding from outside parties, attempting to patch a shortfall in purported unpaid loans from lenders Babel Finance and Celsius.

At peak, the firm had roughly 400 employees across Australia, Indonesia, Singapore and Thailand.


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Javits Center North | 445 11th Ave

Tues - Thurs, March 24 - 26, 2026

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Unlocked by Template.png

Research

The march toward an interoperable and onchain-by-default internet depends on reliable messaging and value transfer across heterogeneous domains. Crosschain protocols now process >$1.3T in combined annual transfer volume and secure tens of millions of user interactions, yet no single design dominates.

article-image

The goal, per Santiago Santos, is to make crypto a relatable piece of tech for people who may not even understand it

article-image

Stripe stablecoin unit aims to operate under a federal charter enabling regulated stablecoin issuance and custody services

by Blockworks /
article-image

Will TradFi make crypto better or create more problems than it solves?

article-image

Subtle decisions by risk curators saved Aave from significant turmoil

article-image

The new Rootstock Institutional unit aims to connect professional investors to Bitcoin-native yield and liquidity strategies anchored in BTC’s security layer

by Blockworks /
article-image

DOJ files record civil forfeiture against more than 127,000 BTC linked to scam activity

by Blockworks /