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(Bloomberg) -- The rescue plan for embattled crypto exchange Zipmex 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. 

Zipmex is being acquired for about $100 million by V Ventures, a subsidiary of Thoresen Thai Agencies Pcl. The letter said Zipmex has been receiving three tranches of funding. The Asian crypto exchange has been restructuring after falling victim to last year’s bear market in virtual coins.

Zipmex arms in Thailand, Singapore and Indonesia for now have the needed cash to pay salaries, according to the letter. Zipmex hasn’t received a final indication on “when and whether” the latest payment will be made and said it’s working with its advisers on next steps. 

Zipmex declined to comment as it was “bound by confidentiality,” said Marcus Lim, Group Chief Executive Officer in response to an email seeking comment. V Ventures didn’t immediately respond to request for comment.