Blockchain project Zetrix's market cap plunges over 90%, faces risk of Islamic bond default

Odaily reports: Digital blockchain infrastructure project Zetrix AI has fallen into financial distress, with its market capitalization plummeting over 90% since 2026, dropping from a peak of RM10.5 billion to approximately RM430 million currently, and faces the risk of defaulting on its Islamic bonds.

It is reported that Zetrix once held a near-monopoly position through government online services, later pivoting to AI and blockchain, and planned to list its AI business unit on Nasdaq. However, founder Wong Thean Soon was forced to sell 2.22 billion company shares after facing a margin call on his share pledge loan, losing his position as the largest shareholder, which may cause the company to breach equity constraint clauses in its Islamic bondholder agreements.

Previously, Ismail Ibrahim, Crown Prince of Johor, Malaysia, launched the stablecoin RMJDT backed by ringgit cash and short-term government bonds, with plans to issue it on the Zetrix blockchain. Zetrix also planned to participate in Malaysia's initiative to establish a national public blockchain. (Bloomberg)