Crypto platform Zipmex’s financial struggles may soon be nipped in the bud, if requests from a new investor Chalermchai Mahagitsiri.

According to a report by The Block, citing an email sent by Mahagitsiri representatives, Zipmex co-founder and CEO Marcus Lim is required to forfeit 100% of his holdings in the company.

“We ask the Zipmex team to prepare a confirmation letter of the confiscation of your shares for you to sign and become effective at closing,” the email to Lim on Tuesday read. “We look forward to overcoming this situation and receiving this confirmation letter.”

Ever since Zipmex halted withdrawals on its platform and filed for bankruptcy following its exposure to Celsius Network and Babel Finance going bankrupt, the company has been looking for a new generation of investors. The goal was to raise funds worth up to $53 million to cover the entire loss of exposure to its trading partners.

As reported, Zipmex has been in talks with two investors, including Mahagitsiri, son of Thai billionaire and coffee king Prayudh Mahagitsiri. CEO Lim noted in a statement that no comment can be made regarding the ongoing negotiations as the details are being protected based on an NDA.

“As my team and I continue to work to attract new investment to make our clients whole, negotiations with various parties are entering a critical phase,” Lim told The Block in emailed comments. details as there is a non-disclosure agreement (NDA) between the parties, and until they have been agreed to by all interested parties, I cannot reveal more. However, I am surprised that any interaction (even if it did occur) has been leaked given the NDA.”

With more shareholders, according to a Bloomberg report expressing their wishes for Lim and co-founder Akalarp Yimwilai to leave the company. While Yimwilai has said he will be willing to accommodate investors’ requests, Lim is also expected to bow if a majority of shareholders demand a change in management.

The beleaguered company has until December to resolve its problems in accordance with the moratorium granted by the Singapore High Court.

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