Blockchain project Zetrix's market value has dropped by over 90%, facing the risk of Islamic bond default

The digital blockchain infrastructure project Zetrix AI is facing financial difficulties, with its market value plummeting over 90% since 2026, dropping from a peak of 10.5 billion Ringgit to approximately 430 million Ringgit currently, and is at risk of defaulting on Islamic bonds. It is reported that Zetrix once held a near-monopoly position in government online services, later shifting towards 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 shares of the company due to margin calls on stock pledges, losing the status of the largest shareholder, which may lead the company to violate equity restriction clauses in the Islamic bondholders' agreement.

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