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