Zetrix Market Value Drops Over 90%, Facing Islamic Bond Default Risk

Zetrix AI is facing financial difficulties, with its market value plummeting over 90% since 2026, from 10.5 billion ringgit to approximately 430 million ringgit, and is at risk of defaulting on Islamic bonds. Zetrix once held a near-monopoly in Malaysia's online services sector before shifting focus to AI and blockchain, planning to list its AI business on Nasdaq. Founder Wong Thean Soon was forced to sell 2.22 billion shares of the company due to margin calls on pledged stocks, losing his status as the largest shareholder, which may violate equity constraints in the Islamic bondholders' agreement. Ismail Ibrahim, the Crown Prince of Johor, Malaysia, has launched a stablecoin RMJDT backed by ringgit cash and short-term government bonds, intending to issue it on the Zetrix blockchain. Zetrix also plans to participate in Malaysia's initiative to establish a national public blockchain.